The Deposit Insurance and Credit Guarantee Corporation Act, 1961
Administered Ministry: Ministry of Finance / Department of Financial Services
Section
Section 49 Cognizance and trial of offences.
1[49. Cognizance and trial of offences.--(1) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), no Court shall take cognizance of any offence punishable under this Act except upon a complaint, in writing, made by an officer of the Corporation, generally or specially authorised in writing in this behalf by the Board, and no court, inferior to the Court of a Metropolitan Magistrate or a Judicial Magistrate of the first class, shall try any such offence.
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), a Magistrate may, if he sees reason so to do, dispense with the personal attendance of the officer of the Corporation filing the complaint, but the Magistrate may, in his discretion, at any stage of the proceeding, direct the personal attendance of the complainant.]
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), a Magistrate may, if he sees reason so to do, dispense with the personal attendance of the officer of the Corporation filing the complaint, but the Magistrate may, in his discretion, at any stage of the proceeding, direct the personal attendance of the complainant.]
1. Subs. by Act 21 of 1978, s. 8, for section 49 (w.e.f. 15-7-1978).
Section 50 Regulation. 2 docs
(1) The Board may, with the previous approval of the Reserve Bank, 1[by notification in the Official Gazette,] make regulations not inconsistent with this Act to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act.
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for--
(a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;
(b) the number of directors constituting an Executive Committee, and the functions that such committee shall discharge;
(c) the functions which any other committee may discharge under this Act;
(d) the fees and allowances that may be paid to the members of a committee other than directors of the Board;
(e) the fees and allowances that may be paid to the directors of the Board;
(f) the periods for which, the times at which and the manner in which premium may be paid by an insured bank;
(g) the interest which may be charged from an insured bank where it makes default in payment of premium;
(h) the manner in which and the time within which the amounts referred to in section 21 may be paid;
(i) the form and the manner in which the balance-sheet and the accounts of the Corporation shall be prepared or maintained; and
(j) any other matter which is to be, or may be prescribed.
(3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Corporation; and any regulation so made may be altered or rescinded by the Board in the exercise of its powers under this Act.
2[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
(2) In particular and without prejudice to the generality of the foregoing power, such regulations may provide for--
(a) the times and places of the meetings of the Board or of any committee constituted under this Act and the procedure to be followed at such meetings including the quorum necessary for the transaction of business;
(b) the number of directors constituting an Executive Committee, and the functions that such committee shall discharge;
(c) the functions which any other committee may discharge under this Act;
(d) the fees and allowances that may be paid to the members of a committee other than directors of the Board;
(e) the fees and allowances that may be paid to the directors of the Board;
(f) the periods for which, the times at which and the manner in which premium may be paid by an insured bank;
(g) the interest which may be charged from an insured bank where it makes default in payment of premium;
(h) the manner in which and the time within which the amounts referred to in section 21 may be paid;
(i) the form and the manner in which the balance-sheet and the accounts of the Corporation shall be prepared or maintained; and
(j) any other matter which is to be, or may be prescribed.
(3) Any regulation which may be made by the Board under this Act may be made by the Reserve Bank within three months of the establishment of the Corporation; and any regulation so made may be altered or rescinded by the Board in the exercise of its powers under this Act.
2[(4) Every regulation shall, as soon as may be after it is made under this Act by the Board, be forwarded to the Central Government and that Government shall cause a copy of the same to be laid before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the regulation, or both Houses agree that the regulation should not be made, the regulation shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that regulation.]
1. Ins. by Act 66 of 1988, s. 26 (w.e.f. 30-12-1988).
2. Ins. by Act 1 of 1984, s. 64 (w.e.f. 15-2-1984).
2. Ins. by Act 1 of 1984, s. 64 (w.e.f. 15-2-1984).
Section 51 Repealed.
[Amendment of Certain Enactments.]--Rep. by the Repealing and Amending Act, 1964 (52 of 1964), s. 2 and First Schedule (w.e.f. 15-7-1978).