3. Establishment and incorporation of Deposit Insurance Corporation Capital of Corporation.- (1) The Central Government shall, by notification in the Official Gazette, establish a Corporation by the name of the Deposit Insurance Corporation which shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold or dispose of property and to contract, and may, by the said name, sue or be sued.

(lA) Any reference in this act to the Deposit Insurance Corporation shall, on and from the date on which Chapter II of the Deposit Insurance Corporation (Amendment and Miscellaneous Provisions) Act, 1978, comes into force, be construed as a reference to the Deposit Insurance and Credit Guarantee Corporation.

(2) The head office of the Corporation shall be at Mumbai, but it may, with the previous sanction of the Reserve Bank, establish branches or agencies in any other place in India.