Question

    As per the Insurance Act, 1938 an insurance company

    shall not be wound up voluntarily except _________________
    A For the purpose of affecting an amalgamation Correct Answer Incorrect Answer
    B For the purpose of re-construction of the company Correct Answer Incorrect Answer
    C On the ground that by reason of its liabilities it cannot continue its business Correct Answer Incorrect Answer
    D All the above Correct Answer Incorrect Answer
    E Either of the above Correct Answer Incorrect Answer

    Solution

    Either of the above, Explanation: Section 54 Voluntary winding up, Explanation: Notwithstanding anything contained in the Companies Act, 1956, an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.

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