Speak now

In section 3 of the General Insurance Business (Nationalisation) Act, 1972 (hereinafter referred to as the principal Act) (i) After clause (b), the following clause shall be inserted, namely:— '(ba) "board of directors" or "board", in relation to a specified insurer, shall have the same meaning as assigned to it in clause (10) of section 2 of the Companies Act, 2013. (ii) In clause (c), for the words and figures "the Companies Act, 1956", the words and figures "the Companies Act, 2013" shall be substituted. (iii) For clause (g), the following clause shall be substituted, namely:— '(g) "General insurance business" shall have the same meaning as assigned to it in the Insurance Act, 1938.