Section 24(2) in Motor Vehicles Third Party Insurance Rules, 1946
(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.
