65A. Prohibition of transaction of insurance business by provident societies other than public companies or co operative societies.- No person shall, after the commencement of the Insurance (Amendment) Act, 1950 (47 of 1950), begin to carry on in India any business specified in sub section (1) of Section 65, and no provident society carrying on any such business in India shall, after the expiry of one year from such commencement continue to carry on any such business, unless he or it is— (a) a public company, or (b) a society registered under the Co operative Societies Act, 1912 (2 of 1912), or under any other law for the time being in force in any State relating to co operative societies, or (c) a body corporate incorporated under the law of any country outside India not being of the nature of a private company. |
