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The Insurance Act, 1938

( ACT NO. IV Of 1938 )

Appointment of liquidator
90. (1) Where a provident society is to be wound up whether under the Companies Act, 1913, or under this Act, the society shall, within seven days from the date of the order of the Court ordering the winding up or the passing of the resolution authorising the winding up, as the case may be, give notice thereof to the Chief Controller of Insurance and, except where the winding up is done by an order of the Court, the Chief Controller of Insurance shall appoint the liquidator and shall determine the remuneration to be paid to him:
 
 
Provided that if the Chief Controller of Insurance is not satisfied that the assets of the society are sufficient to meet the costs of liquidation including the remuneration of the liquidator, he may decline to make such appointment, and in such a case the society shall itself appoint a liquidator who shall carry out the liquidation as if the winding up was being done by an order of the Court.
 
 
 
 
(2) Any liquidator appointed by the Chief Controller of Insurance under sub-section (1) may be removed by the Chief Controller of Insurance if satisfied that the duties entrusted to him are not being properly discharged.

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