Section 60: Closure of failed insured institutions.

For the purpose of this Act, and without prejudice to section 625 of the Companies and Allied Matters Act requiring statutory declaration of insolvency by a company under voluntary winding-up, an insured institution shall be deemed to have been closed on account of inability to meet the demands of its depositors in any case in which it has been closed for the purpose of liquidation without adequate provision being made to the satisfaction of the Corporation for payment of its depositors. [Act No. 3, 2020]