(1) Where an insured bank has been ordered to be wound up or to be taken into liquidation and a liquidator, by whatever name called, has been appointed in respect thereof, the liquidator shall, with the lest possible delay and in any case not later than three months from the date of his assuming charge of office, furnish to the Corporation a list in such form and manner as may be specified by the Corporation showing separately the deposits in respect of each depositor and the amounts of set off referred to in sub-section (3) of section 16.
     (2) Before the expiry of two months from the receipt of such list from the liquidator the Corporation shall pay ¹[the amount payable under section 16 in respect of the deposit of each depositor--
         (a) directly to the depositor, or
         (b) to the depositor through such agency as the Corporation may determine, or
         (c) to the liquidator.]
     ²[(3) Where the Corporation pays under sub-section (2), any amount in respect of the deposit of a depositor to the liquidator, the liquidator shall pay or cause to be paid that amount to the depositor and any expenses incurred by the liquidator in making such payment shall be treated as expenses incurred in the winding up of the insured bank.]