89. Reduction of insurance contracts.- The Court may make an order reducing the amount of the insurance contracts of a provident society upon such terms and subject to such conditions as the Court thinks just- (a) if the Authority as an alternative to canceling the registration of a society under sub section (4) of Section 70 applies to the Court in this behalf; (b) if while a society is in liquidation the Court thinks fit; (c) if when a society has been proved to be insolvent the Court thinks fit to do so in place of making an order for the winding up of the society; or (d) if the Court is satisfied on an application made in this behalf by the society supported by the report of an actuary, and after giving the policy holders an opportunity to be heard that it is desirable to do so. | 
