¹[27B. Except with the prior approval of the Board of Directors at a regularly convened meeting by the vote of not less than two-thirds of the total number of directors and also upon a reference by the Board, of the Government, no insurer shall invest in, or hold any shares or debentures of, any company, firm or other business concern in which any of its directors, or any member of the family of such director, has any interest as proprietor, partner, director, manager or managing agent: Restriction on certain investments etc. Provided that no investment shall be permissible in the first issue of capital by a company, firm or other business concern in which any of the directors of the insurer or any member of the family of such director has any interest as proprietor, partner, director, manager or managing agent.]