LexSection 54 — Voluntary winding up.
The Insurance Act, 1938
Notwithstanding anything contained in the 1 [Companies Act, 1956 (1 of 1956)], an insurance company shall not be wound up voluntarily except for the purpose of affecting an amalgamation or a re-construction of the company, or on the ground that by reason of its liabilities it cannot continue its business.Open in Lexace · Ask the AI about this section