Section 20(4) in The Banking Companies (Acquisition And Transfer Of Undertakings) Act, 1970
(4)In the Deposit Insurance Corporation Act, 1961 (47 of 1961),-(a)in section 2,-(i)after clause (e), the following clause shall be inserted, namely:-`(ee) "corresponding new bank" means a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970;';(ii)in clause (g),-(a)for the words "or a banking company", the words "a corresponding new bank or a banking company", and(b)for the words "with a banking company", the words "with a corresponding new bank or with a banking company", shall be substituted;(iii)in clause (i), after the words "banking company", the words "or a corresponding new bank" shall be inserted;(b)section 13 shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:-"(2) The provisions of clauses (a), (b), (c), (d) and (h) of sub-section (1) shall apply to a corresponding new bank as they apply to a banking company."
