23ACredit Guarantee Fund

¹[23A. Credit Guarantee Fund.--(1) To the Credit Guarantee Fund shall be credited,--

(a) all amounts in the Reserve for unexpired Guarantee Risks maintained by the Credit Guarantee Corporation of India Limited, a company formed and registered under the Companies Act, 1956 (1 of 1956), and having its registered office at Bombay;

(b) all amounts received by the Corporation as fees for guarantees and indemnities taken over or given by it;

(c) all amounts received by the Corporation in respect of guarantees and indemnities taken over or given by it;

(d) all amounts transferred to that Fund from the Deposit Insurance Fund or the General Fund under section 27; and

(e) all income arising from the investments made out of that Fund.

(2) The said Fund shall be applied--

(a) to make payments in respect of guarantees and indemnities taken over or issued by the Corporation;

(b) to meet any liability in respect of the amount referred to in clause (d) of sub-section (1);

(c) to meet the whole or any part of the liability on account of depreciation in assets, contributions to staff superannuation and other funds, or other expenses incurred or to be incurred by the Corporation, as may be decided by the Board;]