Section 3(5) in The General Insurance (Emergency Provisions) Act, 1971
(5)Every insurer shall deposit all securities and documents of title to any assets appertaining to the undertaking in any Scheduled Bank or Nationalised Bank in which the insurer had an account immediately before the appointed day or in any branch of the State Bank in the place where the head office or the principal office of the insurer is situated or, where there is no branch of the State Bank in such place, the nearest branch of the State Bank; and no such security or document shall be withdrawn from the Scheduled Bank, the Nationalised Bank or the State Bank, as the case may be, except with the permission of the authorised person: Provided that nothing contained in this sub- section shall apply to any security or document of title kept in trust with an Official Trustee in pursuance of the articles of association of an insurer unless the Central Government, by notified order, otherwise directs. Explanation.-- In this sub- section,--(a) " Scheduled Bank" means a bank included for the time being in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934 );(b)" State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955 (23 of 1955 );(c)" Nationalised Bank" means a corresponding new bank as defined in the Banking Companies (Acquisition and Transfer of Udertakings) Act, 1970 (5 of 1970 ).
