(1) The Central Government may, as soon as it is convenient administratively so to do. appoint any person as Custodian for the purpose of taking over the management of the controlled business i1 t r i t w-i i t^ w -I •• •• vi ~̂» ** Power of Central Government Lo appoint LuBtodiana ti take over management of controllei business.
(2) On the appointment of a Custodian under sub-section (i), all persons in charge of the management of the controlled business of the insurer for and on behalf of the Central Government Immediately before such appointment shall cease to be in charge of such management and shall be bound to deliver to the Custodian all books of account, registers or other documents in their custody (relating to the controlled business of the insurer.
(3) Nothing contained in sub-sections (3), (5) and (6) of section 3 shall apply to any insurer the management of whose controlled business has been taken over by the Custodian, but the Central Government may issue such directions to the Custodian as [to his powers and duties as it deems desirable in the circumstances 8 THE GAZETTE OF INDIA EXTRAORDINARY [PART it of the case, and the Custodian may apply to the Central Government at any time for instructions as to the manner in which he shall conduct the management of the controlled business of the insurer or in relation to any matter arising in the course of such management.
(4) The Custodian shall receive such remuneration as the Central Government may fix; and the Central Government may at any time cancel the appointment of any person as Custodian and appoint some other person in his stead.
5. The Custodian may, in relation to the controlled business of any insurer the management of which has been taken over by him, exercise all or any of the powers which the Controller of Insurance or an Administrator appointed under section 52A of the Insurance Act may exercise under section 106 or section 107 of that Act.
_'owers of 'tustodiun ti ttGtltute jrocecdings, tc.
(5. The amount ol compensation payable in respect ol the vesting m the Central Government of the management of the controlled business of an insurer shall, for every month during which the management theieof remains vested in the Central Government, be a sum which is equivalent to one-twelfth of the annual average of the share of the surplus allocated to shareholders as disclosed in the abstracts prepared in accordance with Part II o^ the Fourth Schedule to thp Insurance Act in respect of the last two actuarial investigations relating to the controlled business as at dates earlier than the first day of January, 1956:
Provided that, if in respect of the controlled business of an insurer no such surplus as is referred to in this sub-section has been allocated to shareholders cither because there are no shareholders or for any other renson, the compensation shall be payable at the rate of one rupee per month for every two thousand rupees or part thereof of the premium income of the insurer relating to his controlled business during the year 1954.
Compensalon tor ii controlled mninces eating in icntral Gov- Wnent.