Section 87A(3) in The Insurance Act, 1938

Central Government Act

(3) Before an application is made to the 2[ Controller] to sanction any such scheme, notice of the intention to make the application together with a statement of the nature of the amalgamation or transfer, as the case may be, and of the reason therefor, shall, at least two months before the application is made, be sent to the 2[ Controller] and certified copies, four in number, of each of the following documents shall be furnished to him, and other such copies shall, during the two months aforesaid, be kept open for the inspection of the members and policy- holders at the principal and branch offices of the provident societies concerned, namely:--

(a) a draft of the agreement or deed under which it is proposed to effect the amalgamation or transfer,

(b) balance- sheets in respect of the insurance business of each of the provident societies concerned in such amalgamation or transfer,

(c) actuarial reports and abstracts in respect of the insurance business of each of the provident societies so concerned,

(d) a report on the proposed amalgamation or transfer prepared by an independent actuary,

1. Ins. by Act 6 of 1946, s. 37. 2. Subs. by Act 47 of 1950, s. 4, for" Superintendent of Insurance" (w. e. f. 1- 6- 1950 ). 3. Ins. by Act 6 of 1946, s. 38.

(e) any other reports on which the scheme of amalgamation or transfer was founded; and the balance- sheets, reports and abstracts referred to in clauses (b), (c) and (d) shall all be prepared as at the date at which the amalgamation or transfer if sanctioned by the 1[ Controller] is to take effect, which date shall not be more than twelve months before the date on which the application to the 1[ Controller] is made under this section: Provided that the 1[ Controller] may exempt the provident society or societies concerned from furnishing to him and from keeping open for inspection any one or more of the above documents.