Section 12
Registration of defunct banking companies.
The Deposit Insurance and Credit Guarantee Corporation Act, 1961
About this Act
An Act to provide for the establishment of a corporation for the purpose of insurance of deposits and guaranteeing of credit facilities and for other matters connected therewith or incidental thereto.
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
moratorium or, as the case may be, the rejection of the application for its winding up.