12. Amendment of section 49.- In section 49 of the principal Act,-
(a)in sub- section (1),-(i)for the words and figure" balancesheet in Form I as set forth in the Fourth Schedule", the words" balance- sheet in such form as may be specified by the regulations made by the Authority" shall be substituted;(ii)for the second proviso, the following proviso shall be substituted, namely:-Provided further that the share of any such surplus allocated to or reserved for the shareholders (including any amount for the payment of dividends guaranteed to them, whether by way of first charge or otherwise) shall not exceed such sums as may be sp cified by the Authority and such share shall in no case exceed ten per cent. of such surplus in case of participating policies and in other cases the whole thereof.(b)in sub- section (2), for the words, figures and brackets" paragraph 8 (1) of the abstract prepared in accordance with Part II of the Fourth Schedule to this Act", the words, brackets and figures" an abstract of the report of the actuary referred to in sub- section (1) of section 13" shall be substituted.
