(1) Contracts on behalf of the Corporation may be made as follows:
(i) Any contract which, if made between private persons, would be by law required to be in writing, signed by the parties to be charged therewith, may be made on behalf of the Corporation in writing signed by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
(ii) Any contract which, if made between private persons, would by law be valid although made by parole only and not reduced in writing, may be made by parole on behalf of the Corporation by any person acting under its authority, express or implied, and may in the same manner be varied or discharged.
(2) All contracts made according to the provisions of this Regulation shall be effectual in law and shall bind the Corporation and all other parties thereto and their legal representatives.
13. The Director nominated under clause (b) of sub-section (1) of section 6 of the Act and such officers of the Corporation as the Board may authorise in this behalf by notification in the Official Gazette are hereby severally empowered for and on behalf of the Corporation to endorse and transfer promissory notes, stock-receipts, stock debentures, shares, securities and documents of title to goods, standing in the name of or held by the Corporation, and to draw, accept and endorse bills of exchange and other instrument in the current and authorised business of the Corporation and to sign all other accounts, receipts and documents connected with such business.
14. Plaints, written statements, affidavits and all other documents connected with legal proceedings may be signed and verified on behalf of the Corporation by any officer empowered by or under Regulation 13 to sign documents for and on behalf of the Corporation.
No advance to be made to officers of the Corporation without sanction of the Board Delegation to the Executive Committee Section 8(2) Section 50(2)(b) Manner and form in which contracts binding on the Corporation may be executed Accounts, receipts and documents of Corporation by whom to be signed Plaints, etc. by whom to be signed.
(Regulation 19 of RBI General Regulations) 4 The Deposit Insurance and Credit Guarantee Corporation Act, 1961
15. The Common Seal of the Corporation shall not be affixed to any instrument except in the presence of the Chairman or the director nominated under clause (b) of sub-section (1) of section 6 of the Act, who shall sign his name to the instrument in token of his presence, and such signing shall be independent of the signing of any person who may sign the instrument as a witness. Unless so signed as aforesaid such instrument shall be of no validity.
16. A notice may be served on the Corporation by leaving it or sending it by post to its Head Office.