Section 11
Amounts to be paid for transfer and vesting of shares or undertakings.
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.
(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.
(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.