New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    As per the General Insurance Business (Nationalisation)

    Act, how is the total amount paid by the Central Government under Section 11 treated?
    A It is considered a loan to the Corporation Correct Answer Incorrect Answer
    B It is added to the profits of the Corporation Correct Answer Incorrect Answer
    C It is treated as additional contribution to the subscribed capital of the Corporation Correct Answer Incorrect Answer
    D It is distributed among the shareholders of the Corporation Correct Answer Incorrect Answer
    E It is kept in a separate fund for future use Correct Answer Incorrect Answer

    Solution

    Section 12.   Disbursement of amounts by Corporation: (1) The total amount paid by the Central Government under section 11 shall be treated as additional contribution to the subscribed capital of the Corporation and such additional subscribed capital shall stand allotted to, and vested in, the Central Government.

    Practice Next

    Relevant for Exams: