Section 18(7)(a) in Motor Vehicles Third Party Insurance Rules, 1946

[Cites 0, Cited by 0] [Section 18(7)] [Section 18] [Entire Act]

Union of India - Subsection

Section 18(7)(a) in Motor Vehicles Third Party Insurance Rules, 1946

(a)if the cash realised by the sale of, or on the maturing of, the securities (excluding in the former case the interest accrued) falls short of the market value of the securities at the date on which they were deposited with the holding authority, the society shall make good the deficiency by a further deposit either in cash or in approved securities estimated at the market value of the securities on the day on which they are deposited, or partly in cash and partly in approved securities so estimated, within a period of two months from the date on which the securities matured or were sold; and unless it does so the society shall be deemed to have failed to comply with the condition imposed under clause (a) of sub-section (1) of section 108 of the Act; and

Legal Document View

Unlock Advanced Research with PRISMAI

Union of India - Subsection

Section 18(7)(a) in Motor Vehicles Third Party Insurance Rules, 1946