Deposit Insurance and Credit Guarantee Corporation Act : Registration of defunct Banking Companies.

Deposit Insurance and Credit Guarantee Corporation Act ,1961

Act No : 47

Section : Registration of defunct Banking Companies.

12. Registration of defunct Banking Companies. Every banking company, being a defunct banking company at the commencement of this Act, by reason of sub-clause (vii) or sub-clause (viii) of clause (f) of section 2 shall, unless it becomes a defunct banking company under any other sub-clause of that clause, be registered by the Corporation as an insured bank as soon as may be after the termination of the order of moratorium or, as the case may be, the rejection of the application for its winding up.