Question
What happens to the shares of an Indian insurance
company upon the appointed day according to the General Insurance Business (Nationalisation) Act?Solution
Explanation:Section 4. Transfer of shares of Indian insurance companies: (1) On the appointed day, all the shares in the capital of every Indian insurance company shall, by virtue of this Act, stand transferred to and vested in the Central Government free of all trusts, liabilities and encumbrances affecting them.
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