Section 48B
Further provision regarding directors.
About this Act
An Act to consolidate and amend the law relating to the business of insurance.
1[48B. Further provision regarding directors.--(1) An insurer specified in sub-clause (b) of clause
(9) of section 2 and carrying on life insurance business shall not have a common director with another
such insurer.
(2) The 2[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--
(a) any insurer, who is a subsidiary company of another insurer, or
(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]
(2) The 2[Authority] may, for such period, to such extent and subject to such conditions as it may specify, exempt from the operation of the section--
(a) any insurer, who is a subsidiary company of another insurer, or
(b) two or more insurers, for the purpose of facilitating their amalgamation or the transfer of business of one insurer to the other.]
Notes
1. ns. by Act 47 of 1950, s. 40 (w.e.f. 1-6-1950).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
2. Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).