Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act,1978

Act No : 21

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Section : Undertaking of the Company to vest in the Corporation.

3. Undertaking of the Company to vest in the Corporation. (1) On the commencement of this Act, the undertaking of the Company shall stand transferred to, and shall vest in, the Corporation. (2) The undertaking of the Company shall be deemed to include all assets, business, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments, book debts and all other rights and interests in, or arising out of, such property as were, immediately before the commencement of this Act, in the ownership, possession, power or control of the Company, whether within or outside India, and all books of account, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the Company in relation to its undertaking.

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