(1) The compensation referred to in section 6 shall be paid by the Central Government in cash to every insurer.
(2) The compensation received by an insurer under section 6 shall be dealt with by him in such manner as may be prescribed.
Compensation how to be paid.
t40 tti& GAiittTfE OF INDIA EX*kAOftDitfARY [ i ^ r U Penalties. 8. If any person—
(a) fails to deliver to the Custodian any books of account, registers or any other documents in his custody relating to the undertaking of an insurer in respect of the management of which the Custodian has been appointed, or
(b) retains any property of such insurer appertaining to the undertaking of the insurer, or
(c) fails to comply with the provisions contained in sub-section
(3) or sub-section (5) or sub-section (6) of section 3, or
(d) fails to comply with any directions issued under sub-section
(1) or sub-section (7) of section 3, he shall be punishable with imprisonment for a term which may extend to six months, or with fine which may extend to one thousand rupees, or with both.
Insurer not to be wound up by court.
9. No proceeding for the winding up of an insurer, the management of whose undertaking has vested in the Central Government under this Ordinance, or for the appointment of a Receiver in respect of such business, shall lie in any Court.
Exclu- Mon of time of Ordinance for computing perioc of limitation.
10. In computing the period of limitation prescribed by any law for the time being in force for any suit or application against any person by an insurer in respect of any matter arising out of his undertaking, the time during which this Ordinance is in force shall be excluded.
Effect of Ordinance on otner laws.
11. The provisions of this Ordinance shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Ordinance.
Delegation of powers.
12. The Central Government may, by notified order, direct that all or any of the powers exerci&able by it under this Ordinance may also be exercised by any such person as may be specified in the order.
Protection of action taken under this Ordinance.