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PART III Provident Societies

65. Definition of "provident society". (1) In this Part "Provident society" means a person who, or a body of persons (whether corporate or unincorporate, which, not being an insurer registered for the time being under Part II of this Act, carries on the: business of insuring the payment, on the happening of any of the contingencies mentioned in sub section (2), of—

(a) an annuity of or equivalent to one hundred rupees or less, payable for an uncertain period, or
(b) a gross sum of one thousand rupees or less whether paid for payable in a lump sum or in two or more installments over a certain period,

exclusively in both cases (a) and (b) of any profit or bonus not being a guaranteed profit or bonus.

Explanation.—For the purposes of this sub section a period is "certain" if its duration is ascertainable in advance and "uncertain" if its duration is not so ascertainable.

(2) The contingencies referred to in sub section (1) are the following, namely:

a) the birth, marriage or death of any person or the survival by a person of a stated or implied age or contingency;
b) failure of issue;
c) the occurrence of social, religious or other ceremonial occasion;
d) loss of or retirement from employment;
e) disablement in consequence of sickness or accident;
f) the necessity of providing for the education of a dependent;
g) any other contingency which may be prescribed or which may be authorised by the State Government with the approval of the Central Government.

(3) For the purposes of sub sections (1) and (2),—

(a) contracts entered into before the commencement of this Act shall not be taken into account;

(b) two or more policies issued to one person shall, for the purposes of determining whether the limits fixed by sub section (1) have or have: not been exceeded, be deemed to be one policy if the contingencies on the happening of which the sums are payable under the policies (whether the contingencies be the same or different) relate to one person only, whether he be the policy holder or some other person.

(4) Every person or body of persons for the time being registered as a provident society under the Provident Insurance Societies Act, 1912 (5 of 1912) and every person or body of persons for the time being registered as a provident society under this Act shall be deemed to be a provident society for all the purposes of this Act.

(5) If any question arises whether any person or body of persons is or is not a provident society within the meaning of this section, the Authority shall decide the question and his decision shall be final.

Prohibition of transaction of insurance business by provident societies other than public companies or co operative societies

65A. No person shall, after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), begin to carry on in India any business specified in sub section (1) of Section 65, and no provident society carrying on any such business in India shall, after the expiry of one year from such commencement continue to carry on any such business, unless he or it is—

(a) a public company, or
(b) a society registered under the Co operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State relating to co operative societies, or
(c) a body corporate incorporated under the law of any country outside India not being of the nature of a private company.

Restrictions on provident societies

66. No provident society shall undertake any form of insurance not falling within the limits fixed by sub¬section (1) of Section 65, nor shall any provident society be eligible to be registered under Section 3.


67. No provident society established after the commencement of this Act shall adopt as its name, and no provident society established before the commencement of this Act shall continue after the expiry of six months from the commencement thereof to use as its name any combination of words which fails to include the word "provident" or which includes the word "life".

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