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The Insurance Act, 1938

( ACT NO. IV OF 1938 )

Wrongfully obtaining or withholding property
105. (1) Any director, managing agent, manager or other officer or employee of an insurer who wrongfully obtains possession of any property of the insurer or having any such property in his possession wrongfully withholds it or wilfully applies it to purposes other than those expressed or authorised by this Act shall on the complaint of the Chief Controller of Insurance made after giving the insurer not less than fifteen days' notice of his intention, or, on the complaint of the insurer or any member or any policy-holder thereof, be punishable with fine which may extend to 1[ten thousand Taka] and may be ordered by the Court trying the offence to deliver up or refund within a time to be fixed by the Court any such property improperly obtained or wrongfully withheld or wilfully misapplied and in default to suffer imprisonment for a period not exceeding two years.
(2) This section shall apply in respect of a provident society as defined in Part III as it applies in respect of an insurer.

  • 1
    The words “ten thousand Taka” were substituted for the words “one thousand Taka” by section 16 of the Insurance (Amendment) Ordinance, 1984 (Ordinance No. L of 1984)
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