( 1) Every provident societyshall in addition to the matter specified in Cls. (a) to (o) ofsub-section (1) of Sec.
74 of the Act set forth in its rules -
(i) that where a policy is applied for on the life of a personother than the person paying the premiums on such policy, the name ofthe person paying the premiums and his relationship to the lifeinsured shall be inserted in the policy, the policy shall not beissued till the life insured (or if he be not of age his legalguardian) has given his consent in writing to the insurance beingeffected, and the amount secured shall not be excessive having regardto the interest of the person paying the premiums in the lifeinsured;
(ii) the disqualifications, if any, due to change of occupation,residence, or other specified cause;
(iii) the terms upon which any policy may be kept in force for areduced benefit without liability to payment of further premiums;
(iv) a statement to the effect that all policies issued after thecommencement of the act shall have clearly set out therein thematters referred to in Cls. (f), (g), (h), (i) and (j) of sub-section(1) of Sec. 74 of the Act and those referred to in Cls. (ii) and(iii) above;
(v) the method of voting at the meeting of the managing body andthe number constituting a quorum;
(vi) a statement that no dividend shall be declared except as aresult of a valuation under sub-section (1) of Sec. 81;
(vii) a statement that no bonus other than an interim bonus shallbe declared except as a result of a valuation made in accordance withsubsection (1) of Sec. 81, that the rate of such bonus shall notexceed that recommended by the actuary, and that no interim bonusshall be declared at a rate exceeding that approved by an actuary;and
(viii) a statement that the paid-up capital shall not be treatedas part of the society's assets for the purpose of showing adivisible surplus at the time of any investigation made undersub-section (1) of Sec. 81, and that where assets of the nature oforganisation or preliminary expenses exceed the paid-up capital thefund shall be diminished by the amount of such excess for the purposeof ascertaining the financial condition of the society. (2) All rulesmade by a Local or Provincial Government under Sec. 24 of theProvident Insurance Societies Act, 1912, are hereby repealed.
19-A. Provident Society to maintain registers.- Every providentsociety shall, commencing from a date not later than the 1st January,1943, maintain at its principal office in the State the followingregisters in the forms specified below or as near thereto as possibleprovided the information to be shown is not reduced thereby inrespect of all its transactions subsisting on or after that date,namely.-
(i) A register of members (but not including membership merely byvirtue of being policy-holder), proprietors andshareholders..................in Form VI-A.
(ii) A register of directors, manager, secretary and otherofficers................in FormVI-B.
(iii) A proposal register....................in Form VI-C.
(iv) A register of policies...................in Form VI-D inrespect of all policies issued from a date not later than lstJanuary, 1943, (Separate registers shall be maintained for eachcontingency specified in or prescribed under subsection (1) of Sec.65 of the Act in respect of which the society carries on business).
(v) A premium register..................in Form. VI-E.
(vi) A lapse register showing the details in respect of eachpolicy which is treated by the society as havinglapsed..................in Form VI-F.
(vii) A register of claims not includingannuities................in Form VI-G.
(viii) A register of annuity payments...................in FormVI-H.
(ix) A register of agents............in Form VIII:
Provided that -
(a) any register printed after this rule is made and purporting tocontain the information specified in any of the registers prescribedby this rule shall be in the Form prescribed therefor;
(b) if any of the register required to be kept in accordance withSec. 79 of the Act, as it stood before the commencement of theInsurance (Amendment) Act, 1941, is not kept, or if any of theregisters so kept is exhausted, the society shall maintain forthwiththe corresponding register or registers prescribed by this rule;
(c) if no registers are maintained corresponding to the registersprescribed by Cls. (iii), (v) and (vi) of this rule, the societyshall, commencing from a date not later than lst April, 1942,maintain the registers prescribed by these clauses;
(d) it shall not be necessary to show the name of the life insuredin addition to the policy-number in the register in Form VI-D, VI-E,VI-F, VI-G or VI-H.
the register concerned is prepared by mechanicalmeans.