Working capital of Mutual Insurance Companies and Co-operative Insurance Societies
1[97. No Mutual Insurance Company incorporated after the commencement of the Insurance (Amendment) Ordinance, 1984 (L of 1984), and no Co-operative Insurance Society registered after that date under any law governing the registration of co-operative societies shall be registered under this Act, unless it has as working capital a sum specified in the Seventh Schedule, exclusive of the deposit to be made before application for registration and of the preliminary expenses, if any, incurred in the formation of the company or society.
Sections 97, 98 and 98A were substituted for former sections 97, 98 and 98A, by section 12 of the Insurance (Amendment) Ordinance, 1984 (Ordinance No. L of 1984)