Section 31. Co-operative societies doing insurance business. (INSURANCE ACT, 1963

(P.M. ACT 1 OF 1963)
INSURANCE ACT, 1963

PART III - RETURNS, INVESTIGATIONS, WINDING UP AND TRANSFERS OF BUSINESS
Winding up

Section 31. Co-operative societies doing insurance business.

(1) Where a societ registered under the Co-operative Societies Ordinance*, 1948, is an insurer registered under this Act, no proceedings or the dissolution or winding up of the society shall be taken under Part VII of that Ordinance except with the consent of the Commissioner and in accordance with such conditions, if any, as he sees fit to attach to that consent.

(2) Notwithstanding section 57 of the Co-operative Societies Ordinance*, 1948, or sub-section (1) of section 314 of the Companies Act, 1965, any such society which is an insurer registered under this Act shall be deemed to be an unregistered company within the meaning of Division 5 of Part X of the Companies Act, 1965, and may be wound up by the Court accordingly under that Act:

Provided that in any such winding up-

(a)

the provisions of the Companies Act, 1965, shall apply with the substitution for references to the Registrar of Companies and the register under that Act of references to the Registrar and register under the Co-operative Societies Ordinance* , 1948; and

(b)

sub-sections (3) to (5) of section 46 of the Cooperative Societies Ordinance*, 1948 (which govern the disposal of any surplus), shall apply, subject to any necessary modifications, as they apply where society is wound up under that Ordinance.

(3) Where a society has ceased to be an insurer registered under this Act, but remains under any liability in respect of Federation policies, this section shall apply as if the society were an insurer so registered.

____________________________________________________________________________________________________________________________________

*In its application to Sabah an Sarawak, substitute the corresponding written law and the corresponding written provisions-The Co-operative Societies Ordinance of Sabah, 3/58 and the Co-operative Societies Ordinance of Sarawak (Cap. 86), as the case may be, jWith the corresponding sections set out herewith:

States of Malaya	Sabah	Sarawak

Part VII	Part VII	Part VII

Section 57	59	59
" 46 (3),	46 (3)	46 (3)
(4) and (5)

See Modification of Laws (Insurance) (Extension) Order, 1964, F.L.N. 470/64.