Section 24 in Motor Vehicles Third Party Insurance Rules, 1946
24. Transfer of deposit from Reserve Bank
(1)A society as aforesaid shall apply in writing to the Reserve Bank of India for the transfer of the deposit made under section 7or section 98 of the Insurance Act, 1938, held by the Reserve Bank to the holding authority and such application shall be duly authenticated and accompanied by the order in original of the Provincial Government granting the society permission under sub-section (1) of section 108 of the Act and containing the conditions, if any, imposed by the Provincial Government under clause (a) of sub-section (1) of section 108 of the Act, an attested copy of such application and its enclosures shall also be sent to the controller of Insurance.(2)If from the applications so made the Reserve Bank is satisfied that the society has been granted permission by the Provincial Government under sub-section (1) of section 108 of the Act, the Reserve Bank shall transfer the deposit held by it under section 7 or section 98 of the Insurance Act, 1938, on behalf of the society to the holding authority subject to such conditions, if any, as may have been imposed by the Provincial Government.
