96. The provisions of Sections 6 and 7 and of sub section (2) of Section 20, so far as those provisions are inconsistent with the provisions of this part, shall not apply, and the provisions of this Part shall apply, to co operative life insurance societies.
Working capital of Mutual Insurance Companies and Co operative Life Insurance Societies
97. No co operative life insurance society registered after the 26th day of January, 1937 under the Co operative Societies Act, 1912 (2 of 1912) or under an Act of a State Legislature governing the registration of co operative societies shall be registered under this Act, unless it has as working capital a sum of fifteen thousand rupees, exclusive of the deposit to be made before or at the time of application for registration in accordance with sub section (2) of Section 98 of this Act and of the preliminary expenses, if any, incurred in the formation of the company or society.
Deposit to be made by Mutual Insurance Companies and Co operative Life Insurance Societies
98. (1) Everyday Co operative Life Insurance Society shall, in respect of the life insurance business carried on by it in India, deposit and keep deposited with one of the offices in India, of the Reserve Bank of India for and on behalf of the Central Government, a sum of two hundred thousand rupees in cash or in approved securities estimated at the market value of the securities on the day of deposit.
(2) The deposit referred to in sub section (1) may be made in instalments, of which the first shall be a payment, made before or at the time the application for registration under this Act is made, of not less than twenty ¬five thousand rupees or such sum as with any deposit previously made by the insurer under the provisions of the Indian Life Assurance Companies Act, 1912 (6 of 1912), brings the amount deposited up to not less than twenty five thousand rupees, and the subsequent instalments shall be annual instalments made before the expiry of each subsequent calendar year of an amount in cash or in approved securities estimated at the marked value of the securities on the day of payment of the instalment, equal to not less than one third of the premium income in the preceding calendar year as shown in the revenue account.
(3) The provisions of sub section (7) of Section 7 shall apply in respect of a co operative life insurance society as if for the words "under the foregoing provisions of this section" the words and figures "under the provisions of Sec. 98" were substituted.
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