Section 88
Reimbursement to the Deposit Insurance Corporation by liquidator.
The Multi-State Co-operative Societies Act, 2002
About this Act
An Act to consolidate and amend the law relating to co-operative societies, with objects not confined to one State and serving the interests of members in more than one State, to facilitate the voluntary formation and democratic functioning of co-operative s as peoples institutions based on self-help and mutual aid and to enable them to promote their economic and social betterment and to provide functional autonomy and for matters connected therewith or incidental thereto.
Where a co-operative
bank, being an insured bank within the meaning of the Deposit Insurance and Credit Guarantee
Corporation Act, 1961, is wound up and the Deposit Insurance 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 in the manner provided in section 21 of that Act.