Act Number: 47

Act Name: The Deposit Insurance and Credit Guarantee Corporation Act, 1961

Year: 1961

Enactment Date: 1961-12-07

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 25A: Amount in one fund may be transferred to the other fund or may be utilised for other purposes.
    1[25A. Amounts in one Fund may be transferred to the other Fund or may be utilised for other purposes.--Notwithstanding anything contained in this Act, the Board may--
         (a) transfer any amount from the Deposit Insurance Fund to the Credit Guarantee Fund or from the Credit Guarantee fund to the Deposit Insurance Fund, or
         (b) utilise any money standing to the credit of either of the said Funds, for such purposes as it may think fit, if it is satisfied that the balance in the Fund, after such transfer or utilisation, will be adequate to meet any probable claim on that Fund.]
Notes:
1. Ins. by Act 21 of 1978, s. 8 (w.e.f. 15-7-1978).
Previous Section Next Section
Scroll to Top