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.

Practice Next
×
×