Laws of Bangladesh

The Insurance Act, 1938

( ACT NO. IV OF 1938 )

73. (1) Every provident society shall, if established before the commencement of this Act within one year from such commencement, or, if established after the commencement of this Act before the society applies for registration under section 70, deposit and keep deposited with the Bangladesh Bank in one of the offices in Bangladesh of the Bank, for and on behalf of the Government cash or approved securities amounting at the market value of the securities on the date of deposit to five thousand Taka, and shall thereafter make in each calendar year a further deposit amounting to not less than one-fifth of the premium income for the preceding calendar year as shown in the revenue account of the society (including admission fees and other fees received by the society) until the total amount so deposited and kept is fifty thousand Taka.
(2) The provisions of sub-sections (8),(9),(9A),(9B) and (10) of section 7 and of sub-section (1) of section 8 and of section 9 shall apply to the deposits made under this section as they apply to deposits made by an insurer.

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