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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Directors of insurers being public subscribers
48BB. Where the insurer is a company incorporated under the Companies Act, 1913 (VII of 1913), not less than one-third of the total member of directors of the company, shall, notwithstanding anything to the contrary in the Articles of Association of the company, be elected, in the prescribed manner, by the shareholders who are public subscribers to the paid up capital or the company from amongst themselves.

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