44. Liquidation of Corporation.- (1) The Corporation shall not be placed in liquidation save by order of the Central Government and in such manner as the Government may direct.

(2) On the liquidation of the Corporation

(a) the outstanding assets of the Corporation in so far as they relate to the Deposit Insurance Fund shall be distributed among the insured banks in such manner and in such proportion as may be determined by the Central Government having regard to the amounts of premium paid by them during any prescribed period or the deposits of the said banks as on the date of liquidation of the Corporation or other relevant circumstances;

(b) the remaining outstanding assets of the Corporation shall be transferred to the Reserve Bank.