Section 10
Transfer to Corporation of shares vested in Central Government.
The General Insurance Business (Nationalisation) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.
All the shares in the
capital of every Indian insurance company which stand transferred to and vested in the Central
Government by virtue of section 4 with the exception of the shares transferred to any person under
sub-section (2) of that section shall immediately after such vesting, stand transferred to and vested in the Corporation and every Indian insurance company shall forthwith give effect to such transfer of shares and
rectify its register of members by including therein the Corporation as the holder of such shares.