"36. When any application under sub-section (3) of section 35 is made to the Authority, the Authority shall cause, a notice of the application to be given to the holders of any kind of policy of insurer concerned along with slalement of the nature and terms of the amalgamation or transfer, as the case may be, to be published in such manner and for such period as it may direct, and, after hearing the directors and considering the objections of the policy-holders and any other persons whom it considers entitled to be heard, may approve the arrangement, and shall make such consequential orders as Substitution of new section for section 36.
Sanction of amalgamation and transfer by Authority.
30 THE GAZETTE OF INDIA EXTRAORDINARY [PARTII— are necessary to give effect to the arrangement.".
