¹[6. (1) No insurer, other than an insurer who was transacting any class of insurance business in Bangladesh immediately before the commencement of the Insurance (Amendment) Ordinance, 1984 (L of 1984), shall be registered after such commencement for transacting any class of insurance business unless he has a paid-up capital of not less than the amount specified in the Seventh Schedule and his shares have been subscribed in such manner as may be prescribed: Provided that the Government may, by notification in the official Gazette, relax the provision of this section relating to the amount of paid-up capital, subject to such conditions as it deems fit to specify, for a period not exceeding three years from the date of commencement of the Insurance (Amendment) Ordinance, 1984 (L of 1984).]