Section 4A in The General Insurance (Emergency Provisions) Act, 1971
4A.
1 Application of Act 1 of 1956 .(1) Notwithstanding anything contained in the Companies 1956 , or in the memorandum or articles of association of any insurer or in any other instrument, no resolution passed at any meeting of the Board of directors or of the members of an insurer shall be given effect to unless approved by the Central Government.(2)Subject to the other provisions contained in this Act and subject to such exceptions, restrictions and limitations, if any, as the Central Government may, by notification in the Official Gazette, specify in this behalf, the Companies Act. 1956 (1 of 1956 ), and the Insurance Act shall continue to apply to every insurer in the same manner as they applied to him before the appointed day.(3)Every notification made by the Central Government under sub- section (2) shall be laid, as soon as may be after it is made, before each House of Parliament while it is in session for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the notification, or both Houses agree that the notification should not have been made, the notification shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that notification.
