70. Registration.
(1) No provident society except a provident society registered under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912 ), shall receive any premium or contribution until it has obtained from the 1[ Controller] a certificate of registration.
(2) Every application for registration shall be accompanied by--
(a) a certified copy of the rules of the society, and when the society is a company incorporated under the Indian Companies Act, 1913 (7 of 1913 ), 3[ or under the Indian Companies Act, 1882 (6 of 1882 ), or under the Indian Companies Act, 1866 (10 of 1866 ), or under any Act repealed thereby,] a certified copy of the memorandum and articles of association or where the society is not such a company a certified copy of the deed of constitution of the society;
(b) the names and addresses of the proprietors or directors, and the managers of the society, 1[ the full address of the registered office of the society, the full address of the principal office of the society in 2[ India], the name of the manager at such office, and the name and address of some one or more persons resident in 2[ India] authorized to accept any notice required to be served on the society];
(c) a certificate from the Reserve Bank of India that the initial deposit referred to in section 73 has been made; 3[
(d) a declaration verified by an affidavit 4[ made by the principal officer of the society authorized in that behalf] that the minimum working capital required by section 72, is available; 1[ and]
(e) 1[ the 5[ receipt showing payment in the prescribed manner of the prescribed fee] for registration being not more than two hundred rupees.]
(3) The 6[ Controller] may refuse to issue a certificate of registration until he is satisfied that the rules of the society comply with the provisions of this Act and that the 7[ society complies with the provisions of sections 8[ 65A, 67], 71, 72, 73 and 73A], but if he is so satisfied he shall register the society and its rules.
(4) The 6[ Controller] may, after giving previous notice in writing in such manner as he thinks fit specifying the grounds for the proposed cancellation, and allowing the society concerned an opportunity of being heard, apply to the Court and obtain sanction for cancellation of the registration made under this section or made under the provisions of the Provident Insurance Societies Act, 1912 (5 of 1912 ),--
(a) if he is satisfied 4[ from the returns furnished under the provisions of this Act or] as the result of an inquiry made under section 87--
(i) that the society is insolvent or is likely to become so, or
(ii) that the business of the society is conducted fraudulently or not in accordance with the rules thereof, or that it is in the interests of the policy- holders that the society should cease to carry on business, 1[ or] 2[
(c) if the society, having failed to comply with any requirement 3[ or having contravened any provision] of this Act, has continued such failure 3[ or contravention], for a period of one month after notice of such failure 3[ or contravention] has been conveyed to the society by the 4[ Controller]: Provided that the 4[ Controller] may, if he thinks fit, instead of applying for cancellation of the registration under sub- clause (i) of clause (a) of this sub- section make a recommendation to the Court that the contracts of the society should be reduced in such manner and subject to such conditions as he may indicate: 3[ Provided further that the 4[ Controller] may, without previous notice and without application to the Court for sanction,--
(a) cancel the registration of a provident society which has failed to have its registration renewed, or
(aa) 1[ cancel the registration of a provident society if any deposit required by section 73, has not been made, or]
(b) cancel, on such terms and conditions as he thinks fit, the registration of any provident society which applies to him for such cancellation if he is satisfied that the society has ceased to carry on insurance business and that all its liabilities in respect of insurance policies are either satisfied or otherwise provided for, 5[ or
(c) cancel the registration of a provident society if he has reason to believe that any claim upon the society arising in India under any policy of insurance remains unpaid for three months after final judgment in regular course of law.]]
(5) 1[ When a registration is cancelled the provident society shall not, after the cancellation has taken effect, enter into any new contracts of insurance, but all rights and liabilities in respect of contracts of insurance entered into by it before such cancellation takes effect shall, subject to the provisions of section 88, continue as if the cancellation had not taken place.
(6) Where a registration is cancelled under clause (b) of sub- section (4) 2[ or clause (c) of the second proviso to that sub- section], or because the society has failed to have its registration renewed, the 3[ Controller] may at his discretion revive the registration if the provident society, within six months from the date on which the cancellation took effect, makes the deposits required by section 73 2[ or satisfies the 3[ Controller] that no claim upon it such as is referred to in the said clause (c) remains unpaid] or has had an application under sub- section (3) of section 70A accepted, as the case may be, and complies with any directions which may be given to it by the 3[ Controller].]
(7) 2[ The 3[ Controller] may, on payment of the prescribed fee which shall not exceed five rupees, issue a duplicate certificate of registration to replace a certificate lost, destroyed or mutilated, or in any other case where he is of opinion that the issue of a duplicate certificate is necessary.]