Establishment and incorporation of Deposit Insurance Corporaton. - (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

[ Capital of Corporation

Meetings of Board. - (1) The Board shall meet at such times and places and shall observe such rules of procedure in regard to the transaction of business at its meetings as may be prescribed

Committees of Corporation. - (1) The Board may constitute an Executive Committee consisting of such number of directors as may be prescribed