(3) 4[ The Central Government may, for such period, or to such extent and subject to such conditions as may be specified by it in this behalf, exempt from the operation of this section--
(a) any Mutual Insurance Company as defined in clause (a) of sub- section (1) of section 95, in respect of which the 5[ Controller] certifies that in his opinion owing to the conditions governing membership of the company or to the nature of the insurance contracts undertaken by it the application of the 6[ provisions of this section] to the company is impracticable, or
(b) any company in respect of which the 5[ Controller] certifies that in his opinion the company, having taken all reasonable steps to achieve compliance with the provisions of this section, has been unable to obtain the required number of directors with the required qualifications.]