Section 13 in The Deposit Insurance And Credit Guarantee Corporation Act, 1961
13. Cancellation of registration. - SPAN class=amd1>[(1)] The registration of a banking company as an insured bank shall stand cancelled on the occurrence of any of the following events, namely:-
(a)if it has been prohibited from receiving fresh deposits; or(b)if it has been informed by notice in writing by the Reserve Bank that its license has been cancelled under section 22 of [the Banking Regulation Act, 1949 (10 of 1949)] [Inserted by Act 56 of 1968, Section 6. ] or that a license under that section cannot be granted to it; or(c)if it has been ordered to be wound up; or(d)if it has transferred all its deposit liabilities in India to any other institution; or(e)if it has ceased to be a banking company within the meaning of sub-section (2) of section 36-A of the [Banking Regulation Act, 1949 (10 of 1949)] [Inserted by Act 56 of 1968, Section 6. ] or has converted itself into a non-banking company; or(f)if a liquidator has been appointed in pursuance of a resolution for the voluntary winding up of its affairs; or(g)if in respect of it any scheme of compromise or arrangement or of reconstruction has been sanctioned by any competent authority and the said scheme does not permit the acceptance of fresh deposits; or(h)if it has been amalgamated with any other banking institution.(2)[ The provisions of clauses (a), [* *] [Section 13 renumbered as sub-Section (1) thereof and sub-Section (2) inserted by Act 5 of 1970, Section 20 (w.r.e.f. 19.7.1969). ][(c), (d) and (h) of sub-section (1) shall apply to a corresponding new bank as they apply to a banking company.] [Section 13 renumbered as sub-Section (1) thereof and sub-Section (2) inserted by Act 5 of 1970, Section 20 (w.r.e.f. 19.7.1969). ](3)[ The provisions of clauses (a), [* *] [Inserted by Act 21 of 1976, Section 33 (w.r.e.f. 26.9.1975). ],[(c), (d) and (h) of sub-section (1) shall apply to a Regional Rural Bank as they apply to a banking company.] [Inserted by Act 21 of 1976, Section 33 (w.r.e.f. 26.9.1975). ]
