97. Working capital of Mutual Insurance Companies and Co operative Life Insurance Societies.- No co operative life insurance society registered after the 26th day of January, 1937 under the Co operative Societies Act, 1912 (2 of 1912) or under an Act of a State Legislature governing the registration of co operative societies shall be registered under this Act, unless it has as working capital a sum of fifteen thousand rupees, exclusive of the deposit to be made before or at the time of application for registration in accordance with sub section (2) of Section 98 of this Act and of the preliminary expenses, if any, incurred in the formation of the company or society. |
