Section 17 in Motor Vehicles Third Party Insurance Rules, 1946
17. Co-operative Insurance Fund
.The fund required to be established in terms of clause (a) of sub-section(1) of section 108 of the Act shall be held in the form of a deposit made either in cash or in approved securities or partly in cash and partly in approved securities and the amount of approved securities so held shall be estimated at the market value of the securities on the day of the deposit:Provided that where a deposit held under the Insurance Act, 1938, is transferred to the holding authority in pursuance of rule 24 of these rules, the date of the deposit shall, in the case of approved securities so transferred, be deemed to be the date of such transfer.
