General Insurance Business (Nationalisation) Act : Formation of General Insurance Corporation of India.

General Insurance Business (Nationalisation) Act,1972

Act No : 57

Section : Formation of General Insurance Corporation of India.

9. Formation of General Insurance Corporation of India. (1) As soon as may be after the commencement of this Act, the Central Government shall form a Government company in accordance with the provisions of the Companies Act, to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance. (2) The authorised capital of the Corporation shall be 1*[rupees two hundred and fifty crores, divided into two hundred and fifty lakhs fully paid-up shares] of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the Corporation. (3) Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), it shall not be necessary to add the word "Limited" as the last word of the name of the Corporation. ---------------------------------------------------------------------- 1 Subs. by Act 38 of 1989, s. 2 212