Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act,1978
Act No : 21
Section :
Merger of the undertaking of the Company with the undertaking of theCorporation.
4. Merger of the undertaking of the Company with the undertaking of the Corporation. (1) On the transfer to, and vesting in, the Corporation of the undertaking of the Company, such undertaking shall be deemed to have merged with the undertaking of the Corporation and, consequent on such merger, the Corporation shall be re-named as the Deposit Insurance and Credit Guarantee Corporation, and thereupon any reference to the Deposit Insurance Corporation or to the Credit Guarantee Corporation of India Limited, in the Deposit Insurance Corporation Act, 1961 (47 of 1961), or in any other law for the time being in force or in any instrument or other document in force immediately before such transfer and vesting, and to which either the Deposit Insurance Corporation or the Credit Guarantee Corporation of India Limited is a party or which is in favour of either of them, shall be construed as a reference to the Deposit Insurance and Credit Guarantee Corporation. (2) The change of name of the Deposit Insurance Corporation, by virtue of the provisions of sub-section (1), shall not-- (a) affect any right or obligation of that Corporation, subsisting immediately before the commencement of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978; (b) render defective any suit or other legal proceeding pending, immediately before such commencement, by or against that Corporation in its former name; and (c) affect the institution or commencement of any suit or other legal proceeding which could have been instituted or commenced, before such commencement, by or against the Corporation in 351 its former name, and every such suit or legal proceeding may be instituted or commenced, after the commencement of this Act, by or against the re-named Corporation.
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