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Deposit Protection Corporation Act, 2016
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Contents
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SECTIONS:
CHAPTER I
PRELIMINARY
1.
Short title, extent and commencement.
2.
Definitions.
CHAPTER -II
ESTABLISHMENT AND OPERATION OF THE CORPORATION
3.
Establishment of the Corporation.
4.
Corporation to be a subsidiary of the State Bank.
5.
Objective of the Corporation.
6.
Business and functions of the Corporation.
7.
Protected deposits.
8.
Exceptions.
9.
Share capital and limited liability.
10.
Board of directors.
11.
Chairman.
12.
Managing Director.
13.
Disqualifications of the directors.
14.
Removal of a director.
15.
Disclosure of interest.
16.
Committees of directors.
17.
Corporation's resources.
18.
Financing the Corporation in shortfall of resources.
19.
Investments made and accounts maintained by the Corporation.
20.
Determining size of deposits.
21.
Terms and procedures for reimbursement of protected deposits.
22.
Priority of payment.
23.
Delegation of powers and appointment of attorneys.
24.
Accounts and audit.
25.
Power of the State Bank to give directions.
CHAPTER - III
MISCELLANEOUS
26.
Duty of officers and servants to maintain secrecy.
27.
Officers to be public officers.
28.
Persons in service of the Corporation to be public servants.
29.
Production of unpublished records of the Corporation, etc.
30.
Pension, gratuity, provident fund and other employment benefits of Corporation's employees to be exempt from attachments, etc.
31.
Exemption from taxes.
32.
Power to make rules.
33.
Power to make regulations.
34.
Power to call information.
35.
Protection of action taken in good faith.
36.
Liquidation of the Corporation.
37.
Act to override.
38.
Removal of difficulties.
39.
Removal of deposit protection under the Banks (Nationalization) Act, 1974 (XIX of 1974).
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