Multi-State Co-operative Societies Act : Reimbursement to the Deposit Insurance Corporation by

Multi-State Co-operative Societies Act,2002

Act No : 39

Section : Reimbursement to the Deposit Insurance Corporation by liquidator.

88. Reimbursement to the Deposit Insurance Corporation by liquidator.-Where a co-operative bank, being an insured bank within the meaning of the Deposit Insurance and Credit Guarantee Corporation Act, 1961 (47 of 1961), is wound up and the Deposit Insura ce Corporation has become liable to the depositors of the insured bank under sub-section (1) of section 16 of that Act, the Deposit Insurance Corporation shall be reimbursed by the liquidator or such other person in the circumstances, to the extent and i the manner provided in section 21 of that Act.