Section 20 in Motor Vehicles Third Party Insurance Rules, 1946
20. Matured securities held as a deposit
(1)When a security in deposit matures or when any yield on such a security ceases to accrue, the holding authority shall not be bound to inform the society but upon receipt of a requisition from the society made in writing the holding authority shall, within six weeks of such a receipt, collect the discharge value and hold the amount in cash to the credit of the society or invest it in securities specified by the society.(2)When the form of amount of a deposit is changed by reason of a subsequent deposit, or a substitution or a payment under sub-rule(5) of rule 18, or a sale or investment under sub-rule (6) of rule 18 of These rules, the holding authority shall, within two weeks from the entry of such change in the books of the holding authority, send a fresh certificate and afresh statement of the nature and in the manner described in sub-rule (3) of rule 18 of these rules.
