Renewal of registration
[70A. (1) Every provident society registered under this Act, or under the Provident Insurance Societies Act, 1912, shall have its registration renewed annually for each period of twelve months after that ending on the 30th day of June, 1942.
(2) An application for the renewal of a registration shall be made by the society to the Chief Controller of Insurance before the 30th day of June preceding the period for which renewal is sought, and shall be accompanied as provided in sub-section (3) by evidence of payment of the prescribed fee which shall not exceed two hundred Taka but may vary according to the volume of insurance business done by the society.
(3) The prescribed fee for the renewal of a registration for any year shall be paid into the Bangladesh Bank, or, where there is no office of that Bank, [* * *] into any Government treasury, and the receipt shall be sent along with the application for renewal of the registration.
(4) If a provident society fails to apply for renewal of registration before the date specified in sub-section (2) the Chief Controller of Insurance may, so long as he has taken no action under section 88 to have the society wound up, accept an application for renewal of registration on receipt from the society of the fee payable with the application and such penalty, not exceeding the prescribed fee payable by the society, as he may require.
(5) The Chief Controller of Insurance shall, on being satisfied that the society has fulfilled the requirements of this section, renew the registration and grant it a certificate of renewal of registration.
(6) The Chief Controller of Insurance shall, if he refuses the renewal of registration, communicate his decision in writing to the application for such renewal within three months from the date of the application.