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The Insurance Act, 1938

( ACT NO. IV OF 1938 )

Dissolution of provident society
93. (1) As soon as the affairs of a provident society are fully wound up, the liquidator shall prepare an account of the winding up showing how the winding up has been conducted and the property of the society has been disposed of and shall call a meeting of the members, creditors and contributories for the purpose of laying before it the account and giving any explanation thereof.
(2) Notice of the meeting shall be sent to each person individually and shall be advertised in the 1[* * *] official Gazette and in at least two newspapers 2[* * *].
(3) Within one week after the meeting the liquidator shall send to the Chief Controller of Insurance a copy of the account and shall report to him the holding of the meeting and its date and shall forward to him a copy of the proceedings of the meeting.
(4) The Chief Controller of Insurance may return the account to the liquidator if it is incomplete or unsatisfactory and may require the liquidator to carry out any further steps necessary to complete the winding up and the liquidator shall comply with such requirement and shall submit a further report to the Chief Controller of Insurance within six months.
(5) If the Chief Controller of Insurance is satisfied that the affairs of the society have been fully wound up he shall register the account of the liquidator who shall forthwith make over to the Chief Controller of Insurance sums, if any, remaining undisposed of, and on the expiry of three months from the registering of the account the Chief Controller of Insurance shall declare the society dissolved and cause the dissolution of the society to be notified in the official Gazette, and the liquidator shall thereupon be discharged from further responsibility.
(6) If within a period of five years from the date on which any sums have been made over to the Chief Controller of Insurance under sub-section (5) an order of a Court of competent jurisdiction has not been obtained at the instance of any claimant to such sums for their disposal the said sums shall become the property of Government.

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