16. Liability of a cooperative bank to the Deposit Insurance and Credit Guarantee Corporation.- Notwithstanding anything contained in section 14 or any other provision of this Act, were a cooperative bank, being an insured bank within the meaning of the Deposit Insurance and Credit Guarantee Corporation Act, 1961, is amalgamated or reorganised and the Deposit Insurance Corporation has become liable to pay to the depositors of the insured bank under sub-section (2) of section 16 of the Act, the bank with which such insured bank is amalgamated, or the new cooperative bank found after such amalgamation, or, as the case may be, the insured bank or transferee bank shall be under an obligation to repay to the Deposit Insurance Corporation in the circumstances, to the extent and in the manner referred to in section 21 of the Deposit Insurance and Credit Guarantee Corporation Act, 1961. |
