Question
What is the authorised capital of the Corporation as per
the General Insurance Business (Nationalisation ) Act, and what flexibility does the Central Government have regarding it?Solution
Explanation:Section 9. Formation of General Insurance Corporation of India:(2) The authorised capital of the Corporation shall be 2[rupees two hundred and fifty crores, divided into two hundred and fifty lakhs fully paid-up shares] of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the Corporation:Provided that the Central Government may, by notification, increase or reduce the authorised capital or subscribed capital, as the case may be, as it deems fit.
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