"(7) If the Authority is of opinion that in the public interest or in the interest of an insurer or his policy-holders it is necessary so to do, it may, from time to time, by order in writing, appoint, in consultation with the Central Government with effect from such date as may be specified in the order, one or more persons to hold office as additional directors of the insurer:
Provided that the number of additional directors so appointed shall not, at any time, exceed five or one-third of the maximum strength fixed for the Board by the articles of association of the insurer, whichever is less.".
Amendment of section
34B.
Amendment of section
34C.
40. Section 34G of the Insurance Act shall be omitted.
41. In section 34H of the Insurance Act,— Omission of section 34G.
Amendment of section SEC.1] THE GAZETTE OF INDIA EXTRAORDINARY 2y (/) in sub-section (7), for the words "an officer authorised . 34H.
by the Authority", the words "a Deputy Director or an equivalent officer" shall be substituted;
(/'/) in sub-sections (7) and (8), for the words "Central Government", the words "Securities Appellate Tribunal" shall be substituted.