75. (1) No amendment of any rule of a provident society shall be valid until it has been sent to the Chief Controller of Insurance and has been registered by him. (2) The Chief Controller of Insurance on being satisfied that the proposed amendment is not contrary to the provisions of this Act shall, unless he is of opinion that the amendment unfairly affects the rights of existing members or policy-holders of the society, issue to the society an acknowledgment of the registration of the amended rule. (3) The Chief Controller of Insurance shall, if he refuses registration of any amendment of any rule, communicate his decision in writing to the applicant for such registration within three months from the date of the application.