73. Deposits.- (1) Every provident society shall, if established before the commencement of this Act within one year from such commencement, applies for registration under Section 70, deposit and keep deposited with the Reserve Bank of India in one of the offices in India of the Bank, for and on behalf of the Central Government, cash or approved securities amounting at the market value of the securities on the date of deposit to five thousand rupees, and shall thereafter make each calendar year a further deposit amounting to not less than one fifth of the premium income for the preceding calendar year as shown in the revenue account of the society (including admission fees and other fees received by the society) until the total amount so deposited and kept is fifty thousand rupees. (2) The provisions of sub sections (8), (9), (9 A), (9 B) and (10) of Section 7 and of sub section (1) of Section 8 and of Section 9 shall apply to the deposits made under this section as they apply to deposits made by an insurer. |
