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[Cites 0, Cited by 0] [Section 140(1)] [Section 140] [Entire Act]

Union of India - Subsection

Section 140(1)(a) in THE FINANCE ACT, 2021

(a)for every financial year previous to the financial year for which the funds referred to in sub-section (2) of section 24 are to be maintained, and for any subsequent financial year for which members may exempt the maintenance of such funds,—
(i)ninety per cent., or such higher percentage as the Board may approve, of such surplus shall be allocated to or reserved for the life insurance policyholders of the Corporation; and
(ii)such percentage of the remaining surplus as the Board may approve, shall be allocated to or reserved for members and may either be credited to a separate account maintained by the Corporation or be transferred to such reserve or reserves as the Board may specify;