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Deposit Insurance and Credit Guarantee Corporation Act, 1961 Complete Act

Title: Deposit Insurance and Credit Guarantee Corporation Act, 1961

State: Central

Year: 1961

.....- Protection Of Action Taken Under This Act Section43 - Companies Act, 1956 And Insurance Act, 1938 Not To Apply Section44 - Liquidation Of Corporation Section45 - Power Of Central Government To Give Directions Section46 - Dispute As To Amount Of Premium Section47 - Penalties Section48 - Offences By Companies Section49 - Cognizance And Trial Of Offences Section50 - Regulation Section51 - Amendment Of Certain Enactments Schedule1 - FIRST SCHEDULE Schedule2 - SECOND SCHEDULE Amending Act1 - DEPOSIT INSURANCE CORPORATION (AMENDMENT) ACT, 1968 Amending Act2 - DEPOSIT INSURANCE CORPORATION (AMENDMENT AND MISCELLANEOUS PROVISIONS) ACT, 1978 Amending Act3 - BANKING COMPANIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) AND FINANCIAL INSTITUTIONS LAWS (AMENDMENT) ACT, 2006

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Section 16

Title: Liability of Corporation in Respect of Insured Deposits

State: Central

Year: 1961

.....such order is made: Provided that the liability of the corporation in respect of an insured bank referred to in clause (a) or clause (b)1[of sub-section (1) of section 13]2[or clause (a) or clause (b) of section 13C] shall be limited to the deposits as on the date of the cancellation of the registration. Provided further that the total amount payable by the Corporation to any one depositer in respect of his deposit in that bank in the same capacity and in the same right shall not exceed one thousand and five hundred rupees: Provided further that the Corporation may, from time to time, having regard to its financial position and to the interests of the banking system of the country as a whole, raise, with the previous approval of the Central Government, the aforesaid limit of one thousand and five hundred rupees. (2) Where in respect of an insured bank a scheme of compromise or arrangement or of reconstruction or amalgamation has been sanctioned by any competent authority and the said scheme provides for each depositor being paid or credited with on the date on which the scheme comes into force, an amount which is less than the original amount and also the specified.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Section 23

Title: Deposit Insurance Fund

State: Central

Year: 1961

.....The said Fund shall be applied-- (a) to make payments in respect of insured deposits; (b) to meet liability in respect of an advance taken under section 26, [* *]2 (c) to meet liability in respect of the amounts referred to in clause (d) of sub-section (1); [and]2 (d) to meet the whole or any part of the liability on account of the depreciation in assets, contributions to staff superannuation and other funds or other expenses incurred or to be incurred by the Corporation, as may be decided by the Board.] ____________________________ 1. Inserted by Act 21 of 1978, Section. 8(11) (w.e.f. 15-7-78). 2. Word "and" at the end of clause (b) omitted and inserted at the end of cl. (c) & Cl. (d) inserted thereafter ibid, Section. 8(11) (w.e.f. 15-7-1979).

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....section 2 and Schedule, for "theStates" (w.e.f. 1-11-1956). Section 2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act The provisions of this Act shall not apply to an insurer as defined in paragraph (i) or (iii) of sub-clause (a) of clause (9) of section 2 in relation to any class of his insurance business where such insurer has ceased, before the commencement of this Act, to enter into any new contracts of that class of business.] Section 3 - Registration (1) No 1 [person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 2 [India] and no insurer carrying on any class of insurance business in 2 [India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3 [Authority] a certificate of registration 4 [for the particular class of insurance business]: 5 [Provided that in case an insurer who was carrying on any class of insurance business in 2 [India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Complete Act

State: Central

Year: 1961

.....exclude the Madras Industrial Investment Corporation Ltd. which, although it is technically a banking company as defined in the Banking Companies Act. Performs actually the functions of a State Financial Corporation." - S.O.R. (c) "Board" means the Board of Directors constituted under section 6-; (d) "company" means any company as defined in section 3 of the Companies Act, 1956-and includes a foreign company within the meaning of section 561-of that Act; 6[(dd) "co-operative bank" means a State co-operative bank, a Central co-operative bank and a primary co-operative bank;] (e) "Corporation" means7[the Deposit Insurance and Credit Guarantee Corporation] established under section 3-; 8[(ee) "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970-or, as the case may be, under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980-;] 9[(eea) "credit institution" means all or any of the following, namely: - (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution];.....

Insurance Act, 1938 (4 of 1938) Section 7

Title: Deposits

State: Central

Year: 1938

.....may be, and where any application for registration is made by any such insurer, the 16 [Authority] may, notwithstanding anything contained in sub-section (2A) of section 3 or sub-section (4), register such insurer for one or more additional classes of insurance, if the following conditions are fulfilled, namely:-- (a) the 17 [Authority] is satisfied that registration for the proposed one or more additional classes of insurance business would qualify the insurer to become a member of a group; (b) agreements have been executed by all the insurers in the group or proposed group, as the case may be, 18 and such agreements, in the opinion of the 17 [Authority], satisfy the requirements of the Explanation to sub-section (1B); and (c) the insurer has, after the commencement of the Insurance (Amendment) Act, 1968, made deposit of a sum not less than the total of all the installments of deposit which he would have been required to make after such commencement till the date of his becoming a member of the group, had he been a member of the group from such commencement. (6) The 17 [Authority] shall cancel the registration made in pursuance of the provisions of sub-section (5), if.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Amending Act 2

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

State: Central

Year: 1961

.....of 1956, or in any other law forthe time being in force. 8. Amendment of the Deposit Insurance corporation Act, 1961 On the commencement of this Act, the Deposit Insurance Corporation Act, 1961 (47 of 1961), shall have effect subject to the following amendments, namely:-- (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any.....

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

Title: Amendments to the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

..... (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any financial institution within the meaning of clause (c) of section 451 of the Reserve Bank of India Act, 1934 (2 of 1934); (4) in section 3, after sub-section (1), the following sub-section shall be inserted, namely: -- "(1A) Any reference in this Act to the Deposit.....

Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978 Section 8

Title: Amendment of the Deposit Insurance Corporation Act, 1961

State: Central

Year: 1978

..... (1) in the long title, after the words "insurance of deposits", the words "and guaranteeing of credit facilities" shall be inserted; (2) in section 1, in sub-section (1), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (3) in section 2,-- (i) in clause (e), for the words "the Deposit Insurance Corporation", the words "the Deposit Insurance and Credit Guarantee Corporation" shall be substituted; (ii) after clause (ee), the following clause shall be inserted, namely: -- '(eea) "credit institution" means all or any of the following, namely: -- (i) a banking company; (ii) a corresponding new bank; (iii) a Regional Rural Bank; (iv) a co-operative bank; (v) a financial institution;'; (iii) after clause (hh), the following clause shall be inserted, namely:-- '(hha) "financial institution" means any financial institution within the meaning of clause (c) of section 451 of the Reserve Bank of India Act, 1934 (2 of 1934); (4) in section 3, after sub-section (1), the following sub-section shall be inserted, namely: -- "(1A) Any reference in this Act to the Deposit.....

Deposit Insurance and Credit Guarantee Corporation Act, 1961 Amending Act 1

Title: Deposit Insurance Corporation (Amendment) Act, 1968

State: Central

Year: 1961

.....(AMENDMENT) ACT.1968 [Act, No. 56 of 1968] [27th December, 1968] PREAMBLE An Act further to amend the Deposit Insurance Corporation Act, 1961. BE it enacted by Parliament in the Nineteenth year of the Republic of India as follows;-- 1. Short title, commencement, etc.- (1)This Act may be called the Deposit Insurance Corporation (Amendment) Act , 1968 (2) It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act and for different States or for different parts thereof. (3) Any reference in any provision inserted in the Deposit Insurance Corporation Act, 1961 (hereinafter referred to as the principal Act).by any section of this Act to the commencement of the Deposit Insurance (Amendment) Act, 1968, shall in relation to the date on which the said section comes into force in that State or part. 2. Substitution of references to Banking Companies Act, 1949.- In the principal Act, for the words and figures "the Banking Companies Act 1949", wherever they occur, the words and figures "the Banking Regulation Act 1949" shall be.....