General Insurance Business (Nationalisation) Act,1972

Act No : 57

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Section : Amounts to be paid for transfer and vesting of shares or undertakings.

11. Amounts to be paid for transfer and vesting of shares or undertakings. (1) For the transfer of the shares of each Indian insurance company to, and vesting in, the Central Government, under section 4, there shall be paid by the Central Government to the Corporation, for distribution to the shareholders of each such company, the amount specified against such company in the corresponding entry under column (3) of Part A of the Schedule. (2) For the transfer to, and vesting in, the Central Government, under section 5, of the undertaking of each existing insurer, who is not an Indian insurance company, there shall be paid by the Central Government to the Corporation, for payment to each such existing insurer, the amount specified against such insurer in the corresponding entry under column (3) of Part B of the Schedule.

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