 currigendathe del>osit instnt&'jce corpora'rion 'al1enil1~t) bill, 1967 (to be/es introduced in lok §abha) 1 page 1,-m itbill no 1000 of 1967" ~ "bill no 100 of 1967 2 page 3, line 30,-12r "clause lt iw ii section it 3 page 11, line 22,-aft er "three" i2i n;" tw " " , 4 page 16, in the marginal heading against section 17,-m "of paymen by corportion" ~ "of payment by corporation" 5 correct line numbers on page 8 new delhi-juy 14 1967  bui no io~7 the deposit insurance corporation (amendment) bill, 1967 a billfurther to amend the deposit imumftce corporation ace, 1981 be it enacted by parliament in the eighteenth yew of the republic of india as follows:-1 (1) this act may be called the depobit in8urance corporauoa shorttttl  (amendment) act, 1967 comm  5 (2) it shall come into force on such date u the central govern- ~ ete ment may, by notifi<:ation in the oftldal gazette, appoint, and cwrerent dates may be appointed for difterentl provisions of thi8 act eel for dffterent states or for c:wfennt parts tbereol (3) any reference in any provision inserted in the i>epott in-7 of 1981 10 surance coxpoll&tion act, 1961 (hereinafter referred to as the principal act), by any section of this act to the! commencement ot the deposit insurance (amendment) act, 1967, shall, in rela,tion to a state or part thereof, b& construed as a reference to the date on which the said section comes into force in that state or part '1 substitu-2 in the princlpal act, for the words and figures "the banking tion of companies act, 1949" wherever they occur, the words and figures 5 :r::::::, "the banking regulation act, 1949" shall be substituted companies act,l949 3 in section 2 of the principal act,-amendment of section 2 (i) after clause (d), the following clause shall be inserted, namely:-'(dd) "co-operative bank" means a state co-operative 10 bank, a central ro-operative bank and a primary co-operative bank;'; (ii) after clause (f), the following clause shall be inserted, namely:-'(0) "defunct co-operative bank" means a co-operative 15 bank-(i) which has been prohibited from receiving ueshdeposits; or , (ii) which has, heen" orciet"ed or directed to be wound up; or 20 (iii) which has transferred all its deposit liabilities in india to any other institution; or 10 of 1948 '(iv) ,which has ceased to be a co-operative bank within the meaning of sub-section (2) of section 36a , of the banking regulation act,' 1949; or 2s (v) which has converted, itielf into a non-banking co-operative society; or  {vi) in respect of which any scheme of compromise , or arr~ntor of reconstruction has ·been· sancuoned under any law for the time being in,forceandsuch 30 sch'emed~s not permit, ¢be acceptance of freab depo-&its; or (vii) which has· been aranted a moratorium which 11 in operation; or (viii) tn respect -of which an -appljoation for winding up is pending before the regbtrar of-<!o-operative societies or other competent autlwrityunder any law rolating ,to co-operative societies for ,the time being in force in a sta1e;'; (iii) in ~lause (g),-(a) for the words'~'or a banking company", the worda ", a banking col1lp8ily or a oo-operative bank" ,shall be sub stituted; 10 ~b) for the words ccw'lth a bankirlgoompany", the woi'ds!!with a banking coc:mpirfty or ,a ao-operative bau" shut· be  substituw!d; (c) in sub-clause (i), after the words "where a banking company at the commencement otthis ac!t", the words is "or where an eligible co-operative bank at the commencement of the deposit inliollranae cwporation (aro:ecdment) act, 1967" shall be inserted; (iv) after clause (g), the following clause shall be inserted, nameiy:-20 c (gg) '"eligible oo-operative bank" means a c0-6perative bank the law for the time being governing whieh provides that-(i) an order for the winding up, or anon1er sanctioning a scheme of compromise or arral'lgement or of amalgamation or reconstruction, of  the bank may be made only with the previous sanction in writing of the rserve bank; (ii) an order for the winding up of the bank shall be made if so required by the raierve buk in the circwastaftc8s' referred to· in clauat' 130; 30 35 (iii) if so required·by"the'~e bank,·~the public interest or for preventing the affairs of the bank being conducted in a manner detrimental to the interests of the depositors or for securing the proppr management of the bark, ·an ·onler·shalj be made for th'" supersession of the committee of ·maaaaement or other managing body (by whatevf>lr name called) of the bank and the appointment· of an adminfstrator therefor for web'  ~ or period; not exceedijig ftve years in the aggregate as may from time to time be specified by the regenre bank; (iv) an order for the winding up of the bank or an order aanctioning a scheme of compromise or arrangement or of amalgamation or reconstruction or an order 5 for the supersession of the committee of management or other managing body (by whatever name called) of the bank and the appointment of an administrator therefor made with the previous sanction in writing or on the requisition ot the reserve bank shall not be 10 liable to be called in question in any manner; and <v) the liquidator or the ~ bank or the transferee bank, u the case may be, shall be under an obligation to !"epiy the corporation in the circumstances, to the extent and in the manner referred to in section is 21;'; (v) after clause (h), the tondwing elause shall be inserted, namely:-- (hh) "existing co-operative bank" means a cooperati""" bank carrying on the business of banking at the 20 oommencem~t of the deposit insurance corporation (amendment) act, 1967, which either holds a licence at woo commetlct'ment under slection 22 of the banking regulation act, 194:9, or having appli'ed for such licence has not loot 1949 been !nforrmed by notice in wrlting by the reserve bank 2s that a jjcence cannot be granted to it but does not include a defunct co-operative bank;'; (vi) for clause (i), the following clause shall be !rubstituted, ~:r:-- (i) 41inaw'ed bank" means a banking company or an 30 eligible co-operative bank for the time being registered under the provisions of this act and includes for the pur-paei at sections 18, 17, 18 and 21,-(i) a banking compan'y referred to in elause (a) or clau8e (b) at eection 13, or 35 (\i) - e<>-operative bank referred to in clause (n) or clause (b) of section 13c, the registration wh'ereot has been cancelled under section 13, or m the' cme may be, under section 13c;'; (vii) after clause (k), the following clause shall be inserted, namely:-5 "10 of 19"11 i (kk) "new co-operative bank" means a co-operative bank which begins to transact the business of banking after the commencement of the deposit insurance corporation (amendment) act, 1967, under a licence granted to it under section 22 of the banking regulation act, 1949, and includes a primary credit society becoming a primary co-operntive bank after such commencement;'; 2 of 1934 10 (viii) after clause (p), the following clause shall be inserted, namely:- '(q) the expressions "central co-operative bank","co-oprerative society", "primary co-operative bank", "primary credit society" and "state co-operative bank" shall have 15 the meaning:; respectively assigned to them in the reserve bank of india act, 1934' 4 for section 4: of the principal act, the following section shall substitube sulbstituted, namely:-tion of new section for section 4 "4 (1) the authorised capital of the c~ration shall be capital of ';'0 one crore of rupees but the central gorvernment may, in consul- <70rporatation with the reserve bank, increasie such capital from time tlon to time, so, however, that the total authorised cbjpital shah not exceed five crores of rupees (2) the authorised capital for the time being of the corporation shall hie fully paid-up and shall stand allotted to the reserve- bank" 5 in section 6 of the principal act, in sub-section (1) ,-amend_ mentof (i) in clause (b), for the words "a deputy governor", the section 6 words "a deputy gorvemor or any other offtcer" shall de substituted; (ii) for clause (d), the following clause shall be substituted, namely:-35 ii (d) five directors nominated by the central govern-,ment in consultation with the referve bank, three of whom shall be persons having special knowledge of commercial banking, commerce, industry or finance and two of whom shall be persons having special knowledge of, or experience in, 'co-operative banking or co-operative movement, and none of the directors shall be an officer of governm'ent or of the reserve bank or an officer or: other lmlployee of the corporation or a director, an offie'er or other employee of a banking company or a co-operative bank or otherwise actively connected with a banking company or a co-operative bank" 6 in chapter in of the principal act, in the heading, after the words "banking companies" the words "and co-operative banlts" shall be inserted amendmentof chapter in 7 after section 13 of the principal act, the following sections shan be inserted, namely: ~ ·'13a (1) no co-operative baltk'shah be f€gistered under this section unless it is an eligible co-operative bank, insertion of new sections 13a, lab, l3c and 130 registra_ tion of co-opera_ tivebanks (2) subject as aforesaid-(a) the corporation shall register every existing cooperative bank as an insured bank before the expiry of thirty days next following th'e commencement of the deposit insurance corporation (amendment) act, 1967; (b) the corporation shall register as an insured bank-(i) every new co-operative bank [other than a primary credit society becoming a primary, co-aperative bank after the commencement of the deposit jnsurance corporation (amendmfnt) act, 1967] as soon 8'1 may be after it is g'l'anred a licence und~r section 22 of the banking regulauonact; 1949; (ii) a primary credit society becoming- ta primary co-operative bank after such commencf"lilent within three months of its havin,:! made an application ,for a licence under the said section: provided' that-a bank- referred to in clause (b) shall not be so registered m it has,beee infcjm1lf'd by noticrein writing by the reserve bank that such a li~ce cannot be granted toil 5 10 1001 1949 lab ~very c:o-op~j:atlv~ oalut, bemg a dejwlct c:o-operat!vl! regiatrabank at the oommt!!l~-ement 01 111e ljeposit 1n:;urance luqxm;l-t100 of tion (amendment) act, 1l;1(il, by rewson 01 suo-clause (1'&'1) or defunct sub-cjause ('d~i') 01 clause oj) at ~twn 2anau, ull1ess it be-~opera- cames a uetunct a()ooperauv~ oank unaer any oulex sub-clltuse ~ of that clause, be registered by the cwpol'ation aa··an insured  bank as soon as may be after the termination of· the order of moratorium, or as the case may be, the rejection or dismissal of  the application for its wmdjmg up provided it is an eligible cooperative bank and it either hol<1s a licence granted under section 22 of the banking regulation act; 1949, or having' ~pplied for such licence in acconiance with that section, has not been  informed by nouce in writing by the reserve bank that a licence cannot be granted to it is 13c the registration of a co-operative bank as an insured bank shall stand cancelled on the occurc€ilce of any of the following events, namely:-cancellation of re,iatration of coopeorative bank (a) if it has been prohibited from accepting fresh deposits; or lo 10 of 1949 (b) if it has been informed by' notice in writing by the reserve bank that its licence has been oaneelled under section 22 of the banking regulation act, 1949, or a licence under that section cannot be granted to it; or (c) if it has been ordered or directed to be wound up; 2s or (d) if it has transferred all its deposit liabilities in india to any other institution; or (e) if it has ceased to be a <!o-ape!'ative bank within the'meaning of sub-6ection (z) of section, 36a of the banking regulation act, 1949; or  1001 um •• 30(f) if it has converted itself into a non-banking co- "'ciipifttive 1ociety; or  8s(g) if in uepect oti it -my 8cbezne oflcampromise or arranpment or of reconstruction  -been  sanctioned by -  competent authority  , the aid scheme doli dot permit tba uoeptadct by it of tnra· d8pollltaj' or (h) if it has been amalgamated with any other co-operative society; or (i) if it ceases to be an eligi'ble co-operative bank, that is, if the law for the time being governing such ~ative bank does not provide for all or any of the matters refer- 5 red to in clause (gg) of ~ 2 13d (1) the circumstaru:es referred to in sub-clawle (ii) of clause (gg) of section 2 (being circumstances in which the reserve bank may require the winding up of a co-operatiw bank) are the following, namely: -10 (a) that the ro-operative bank has failed to comply with the requirements specified in section 11 of the hanking regulation act, 1949; or circum stances in which reserve bank may require winding up of co_ operative banks (b) that the co-operative bank has by reason of the provisions of section 22 of th~ said act become disentitled is to carry on banking bus;iness in india; or (c) that the co-operative bank has been prohibited from receiving fresh deposits by an order under sub-section (4) of section 35 of the said act or under clause (b) of subsection (3a) of section 42 of the reserve bank of india act, 1934; or (d) that the co-operative bank having failed to comply with any requirement of th~ banking regulation act, 1949, oth'el' than the requirements laid down in section 11 thereof, has continued such f$ilure or, having contravened any pro- 25 vision of that act has continued such contravention beyond such period or periods as may be specified in that behalf by the reserve bank from time to time, after notice in writing of such failure or contravention has been conveyed to the co-operati~ bank; or 30 (e) that the co-operative bank is unabl'e to pay its debts; dr <f> that in the opinion of the reserve bank-(i) a compromise or arrangemeat sanctioned by a competent authority in respect of the co-operative bank 3s cannot be woi'ked satisfaclorily with or without modifications, or (ii) the continuance of the co-operative bank 11 prejudicial to the interests of its depositors (2) without prejudice to th'e provisions of any other law for the time being in force, a co-operative bank shall, for 'ilie purpose of clause (e) of sub-section (1), be deemed to be unable to pay its debt&-s (i) if, on the basis of the returns, statements or information furnished to the re6erve bank under or in pursuance of the provisions of the banking regulation act, 1949, the reserve bank is of opinion that the co-operative bank is unable to pay its debts; or 10 (ii) if, the co-operative bank has refused to meet any lawful demand made at any of its offices or branches within two working days, if such demand is made at a place where there is an office, branch or agency of the res'erve bank, or within five working days if such demand is made i ~ elsewhere and, in 'either case, the reserve bank ccrtiflf's in writing that the co-operative bank is unable to pay its debts" 8 in section 14 of the principal act, in sub-section (1), for the amendwords "banking company" wherev'er they occur the words "bank- ment of aection 14 20 ing company or co-ope,rative bank" shall be substituted 9 in section 15 of the principal act, in sub-section (1), in the amendsecond proviso, after the words and figures "under s'ection 13", the ment of words, figures and letter "or under section l3c" shall be inserted section 15 amendmentof aectiob 18 10 in section 16 of the principal act, in sub-section (1), in the 25 first proviso, after the word and figures "section 13", the words, brackets, letters and figures "or clause (a) or clause (b) of section l3c" shall be ins·erted 11 in section 17 of the principal act,-amend-(i) in sub-section (2), for the word  and ftgurea ''to each ::tof1'l depositor of the insured bank in respect of his depostt the em amount payable- under s'ection 16 either directly or through the liquidator or' through any other agency as the corporation may d~termine'· the following words, figures, brackets and letters shall be substituted, namely:-35 "the amount payable under kctlon 16 in respect of the deposit of each depositor-(4) directly to the depositor, or (b) to the depositor through such agency as the corporation may determine, or (c) to the liquidator"; (ii) after sub-section (2), the following sub-section shall be b1serted, namely:---; "(3) where the corporation pays under sub-section (2), any amount in respect of the deposit of a depositor to the liquidator, the liquidator shall payor cause to be paid that amount to the depositor and any expenses incurred by the liquidator in making such payment shall be treated as 10 expenses incurred in the winding up of the insured bank" amend-12 in section 36 of the principal act, in sub-section (1), after ment of the words "of its officers", the words "or through such other person lection36 or agency as the reserve bank may determine" shall be inserted amendmento! aection42 13 in section 42 of the prindpal act, for the words "or any other is person authorised by the corporation", the words "or any other person or agency authorised by the corporation or the reserve bank" shall be substituted 14 in the explanation to section 48 of the principal act,-amendment of section 48 (i) in clause (a), after the words "and includes", the words 20 "a co-operative society or" shall be inserted; (ii) in clause (b), after the words "in the firm", the words "and in relation to a co-operative society includes any member of a committee of management or other managing body (by whatever name called) to which the management of the affairs 25 of the bank is entrusted" shall be ins'erted  statement of objects and reasonsthe more important provisions of the banking regulation act, 1949, relating to the control of banking have been extended w~th effect from the 1st march, 1966 to (a) the state co-operative banks, (b) the j:entral~l}-operative banks and (c) the larger primary nod-agricultural credit societies, commonly known as urban co-operative banks with paid-up capital and reserves of rs 1 lakh or more in each case 2 it was envisaged when the provisions of the banking regulation act, 1949, were extended to these co-operative banks that the deposits in these banks should also be protected to the same extent and in the same manner as deposits in commercial banks it is proposed to extend the insurance cover to the co-operative banks provided the -state governments amend their co-operative laws to confer on the reserve bank powers to take a final decision in regard to matters such as the winding up of a co-operative bank or the supersession of its board of management or the sanction of a scheme of compromise or arrangement or amalgamation or reconstruction the bill seeks to provide for the nece'ssary amendment to the deposit insurance corporation act, 1961, for this purpose opportunity is also being availed of to increase the number of dirertors by three; two of whom will represent the co-operative sector and to increase the authorised capital of the deposit insurance corp)ration from rs 1 crore to rs 5 crores 3 the noteo& on clauses explain in detail the various provisionu of the bill new delhi; the 3rd july, 1967 morarji pesai  president's recommendation under article 117 of the constitution of india[copy of letter no f 10126165-sb, dated the 11th july 1967 from shri morarji desai, deputy prime minister and minister 0£ finance to the secretary lok sabha] the president having been infonned of the subject matter of the proposed deposit insurance corporation (amendment) bill, 1967, recommends the introduction of the bill in the lok sabha under clause (1) of article 117 of the constitution  notes on clausesclause l-this provides for the necessary amendments to the deposit insurance corporation act to be brought into force, as and when this may be convenient according to the scheme as envisaged in the bill, the amendments will be brought into force in a state as ~oon as that state has modified the local laws relating to co-operative societies so as to provide for matters referred to in new clause (gg) to be inserted in section 2 of the act clause 2-this is self-explanatory clause 3-this defines the various categories of co-operative banks which are referred to in the bill the defmitions are the same as in the reserve bank of india act, 1934, and in the banking regulation act, 1949 as it has been applied to co-operative banks before any co-operative bank becomes eligible for registration as an insured bank, the state law or laws governing that bank will have to be modified so as to ensure that the reserve bank of india will have the final say in regard to proposals for the winding up of the inl:>titution or for the sanctioning of any scheme of compromise or arrangement in relation thereto and that provision or superseding the committee of management will be made, if it is required by the reserve bank, for any period not exceeding five years clause 4-this provides for the authorised capital of the deposit insurance corporation to be increased from rs 1 crore to rs 5 crort~s and the entire capital wili be abotted to the reserve bank clause 5-this provides for an increase in the number of directors of the corporation from five to eight two of the three additional directors will be persons with special knowledge or experience of co-operative banking or the co-operative movement clause 7-this clause inserts four new sections l3a, l3b, l3c and 13d under the proposed new section 13a every existing co-operative bank will be register~ as an insured bank before the expiry of thirty days from the commencement of the deposit insurance corporation (amendment) act,1967 similarly every new bank will be registered as soon" as it is granted a hcence under section 22 of the banking regulation act, 1949 it has further been provided in that new sec· tion that no bank shall be registered under this section unless it is an eligible co--operative bank which expression has been defined in the bill section l3b is on the same lines as section 12 of the principal act section l3c is on the same lines as section 13 of the principal act one more clause which is not in section 13 has been added to this section l3c, that is, clause (i) section l3d narrates the circumst~nces under which the reserve bank may take any action for the winding up of a co-operative bank clauses 8, 9 and lo-these make only formal amendments to the principal act clause ll-a new sub-section (3) has been added to section 17 to make it clear that if the deposit insurance corporation finds it n~cessary to use the agency of a liquidator for making any payment, the liquidator shall be bound to make the necessary payments, treating the additional expenditure, if any, as expenditure incurred in the course of the winding up clauses 12, 13 and 14-these provide for certain minor and consequential amendments of a clarificatory nature - -     chapter i~uy ii     2 in this act, unless the context otherwise requires,-definitions ii  (9) "deposit" means the aggregate of the unpaid balances due to a depositor (other than a foreign government, the central government, a state government or a banking company) in respect of all his accounts, by whatever name called, with a banking company and includes credit balances in any cash credit account but does not include,-(i) where a banking company at the commencement of this act is working under a scheme of compromise or arrangement or of reconstruction sanctioned by any competent authority providing for the acceptance of fresh deposits, any amount du'e to the depositor in respect of his deposit before the date of the coming into force of the scheme to the extent it is not credited after the said date under the provisions of that scheme; or (ii) any amount due on account of any deposit received ou tside india; ii ii    (i) "insured bank" means a banking company for the time being registered under the provisions of this act and includes for the purposes of sections 16, 17, 18 and 21 a banking company referred to in claus'e (a) or clause (b) of section 13 the registration whereof bas been cancelled under that section; - ii  -  chapter ii establishment and manaqeml:nt 01' the deposit insurancecorporation - - - 4 the authorised capital of the corporation shall be one crore capital of of rup,ees, which shall be fully paid-up and shall stand allotted to corporathe reserve bank tion  - - - - - 6 (1) the board of directors of the corporation shall consist of board of the following, namely: -directors (a) the governor for the time being of the reserve bank, who shall be the chairman of the boar~ (b) a deputy governor of the reserve bank nominated by that bank; (c) an officer of the central government nominated by that government: \ (d) two directors nominated by the: central government in c(msultation with the reshve baak having special knowledge of commereial banking or ot carrrrnerce, industry or finance, neither of whom shall be an· ofjlcer of gov'ernment or of the reserve bank or an officer or other employee of the corporation or a director; an oftker or other employee of a banking company or otherwise'aeijyely co~d with a banking company: - - - - - chaptej( m  rrmstratton 01' baiqt:mg col\!paluii ai ilftiuam bafts and liability 01' coitpounolf to dspoii'l'obi - • - 14; (i~ where tlie ootfkntloft has r!gfstered any banking intima_ company as an insare4: badk, it skau; withbi thirty days of its tton of relietra_ tlon registration, send an intimation in writing to the banking company that it has been registered as an insured bank   -  - - premium, 15 (1) every insured bank shall, so long as it continues to be registered, be liable to pay a premium to the corporation on its deposits at such rate or rates as may, with the previous approval of the central government, be notified by the corporation in the official gazette from time to time: - - - -  provided further that where the registration of any insured hank is cancelled under section 13, such cancellation shall not affect the liability of that bank for payment of premium for the period before such cancellation and of any interest due under the provisions of this s'ection,      liability of corporation in respect of insull'ed deposits, 16 (1) where an order for the winding up or liquidation of an insured bank is made, the corporation shall, subject to the other provisions of this act, be liable to pay to every depositor of tha't bank in accordance with the provisions of s'ection 17 an amount equal to the amount due to him in respect of his deposit in that bank at the time when such order is made: provided that the liability of the corporation in respect of an insured bank referred to in clause (a) or clause (b) of section 13 shall be limited to the deposits as on the date of th'e cancellation of the rt'girtration: - - - - - 17 (1) - - -   manner (2) before the expiry of two m~nths from the receipt of such of paymen; list from the liquidator, the corporation shall pay to each depes!tor by corpor   th bl ti 'n cas of the insured bank in respect of hi deposit· e amount paya e onl e - of winding under aection 18 either directly or through the liquidator or throu h g ~ of any other agenq as the c<)rporation may determine insured bankl  - - - -  -' - -  , - (l)the corporation may for any of the purpoiei of this aet iupecu l'wqut ~ rllerve bank to cause in inspeetion of th boob and :un4 aocwnw qi' an investi,ation of the atraii'l of an insured bank to be a:: ~ ad4 qq reb requen •• rnei'v' bank al1 au ~  fir {nftlilftigft te " aw:t hy  tllti   -    - 42 n~ i\lit or other legal proo-dinl ihau ti apidlt th corpe- ~ ration or the reserve bank or any director of th' board or any oftic:er =-0: the corporation or the reserve sank or any other penon autho- ~ i'tse4 by the eorporation to discharge any tunetiolll under tht aet tiau atl fer ey damage eaus-ed er likely to be eau8ed by anything whleh is in food faith done or intended to be done in pursuanee of this ad       ofreneet by eam  ,  48 (1) where an offence has b~n eommitted by a eompany, - very person who, at th~ time the offence was commuted was in --ii! of, and wu responsible to the emftpany for t!t eonduet of , bur'r- of the company, as well as the oompany, shall be dell!med 10 be gullty of the offence and ahall be liable to be proceeded ,mt and pwlished accordjngly: provided that nothing contained in this sub-section 8hall render any iuch pef80n liable to any punishment provided in thij act, if lw provea that the otrenee was committed without his knowledge 8r tbt :h -reitled n iful dill'ebee te prewm the  ea ei sua eiifftee (2) nmwfthstandfng anything ecntabled in su~ (i), w1s  e ef!enee udder this aet hu been emnmitted by a emlllpuy ed it il j'")veci that the otrenee has been eommttted wttli tm efjftie'ftt fir e'eiftl'lwee f!4, or is attributable to any gro negjjpnee eft the part of, any direetor, manager, secretary or oth~ offteer of tn ecm!ny, weh dfreetor, m'anager, secretary or other ofbeer rball als& be deemed to be guilty of that ottenee and shall ~ liable to be 1'"'-eeechd apmt and punished accordingly  - ,iift  -r  ~ ef \hii  r-(4) "company" means' any' dcjdy corporate and melud-, a ftrm or other associatica:~hn" ;rt i ala; u1d (,) "directqr", in relatien to a firm, means a ~ in tlta 1nb' 0, •• ' it jill fubi -  1>- ~ ep_ a& ip'i 