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Section 9: Withdrawals, etc. from deposits

Insurance Rules, 1939Central Rules · 1938

( 1) Withdrawals and paymentsfrom deposits and purchases of securities shall not be made save inaccordance with the provisions of the Act and on receipt by the Bankof a requisition in writing and in accordance with the provisions ofthe Act from the depositor, a liquidator acting in accordance withlaw or a Court of competent jurisdiction, as the case may be.

(2) The Bank shall not be bound, in pursuance of sub-rule (1), toreturn securities actually deposited, but may substitute therefor newscrip of securities of the same description and amount.

(3) The Bank shall be entitled to charge, for the purchase or saleof securities, any brokerage payable by the Bank in respect of suchpurchase or sale.

Where this provision sits

ActInsurance Rules, 1939
Section9
Marginal noteWithdrawals, etc. from deposits
JurisdictionCentral
StatusIn force as published by the source

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