Section 28
Preparation of balance-sheet, etc., by corporation.
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.
(1) The balance-sheet and accounts of the
Corporation shall be prepared and maintained in such form and manner as may be prescribed.
(2) The Board shall cause the books and accounts of the Corporation to be balanced and closed as on the 31st day of December 1[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify]:
2[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provision as it considers necessary or expedient for the balancing and closing of, or for other matters relating to, the books or accounts in respect of the concerned years.]
(2) The Board shall cause the books and accounts of the Corporation to be balanced and closed as on the 31st day of December 1[or such other date in each year as the Central Government may, by notification in the Official Gazette, specify]:
2[Provided that with a view to facilitating the transition from one period of accounting to another period of accounting under this sub-section, the Central Government may, by order published in the Official Gazette, make such provision as it considers necessary or expedient for the balancing and closing of, or for other matters relating to, the books or accounts in respect of the concerned years.]
Notes
1. Subs. by Act 66 of 1988, s. 25, for ", each year" (w.e.f. 30-12-1988).
2. Ins. by s. 25, ibid. (w.e.f. 30-12-1988).
2. Ins. by s. 25, ibid. (w.e.f. 30-12-1988).