Section 9(2) in The General Insurance Business (Nationalisation) Act, 1972
(2)The authorised capital of the Corporation shall be [rupees two hundred and fifty crores, divided into two hundred and fifty lakhs fully paid-up shares] [Substituted by Act 38 of 1989, Section 2, for " rupees seventy-five crores divided into seventy-five lakhs fifty paid-up shares" (w.e.f. 22.10.1989).] of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the Corporation:[Provided that the Central Government may, by notification, increase or reduce the authorised capital or subscribed capital, as the case may be, as it deems fit.] [Inserted by Act 40 of 2002, Section 2 (w.e.f. 21.3.2003).]
