Section 14: Amount payable to shareholders may be paid to named persons instead in certain cases. - (1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who, immediately before the appointed day, were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members, shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who have dissented from the resolution, the amount may be given to the person or body of persons so nominated in such manner and subject to such conditions as the Central Government may think fit

Q: Is Section 14 TGIBNA still in force?

Yes, Section 14 of the The General Insurance Business (Nationalisation) Act, 1972 is currently in force across the Republic of India.

Q: What is धारा 14 TGIBNA?

धारा 14 TGIBNA is the Devanagari Hindi reference for Section 14 of the The General Insurance Business (Nationalisation) Act, 1972. Section 14 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) governs amount payable to shareholders may be paid to named persons instead in certain cases. - (1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who, immediately before the appointed day, were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members, shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who have dissented from the resolution, the amount may be given to the person or body of persons so nominated in such manner and subject to such conditions as the Central Government may think fit. As verified on 19 May 2026.

Q: What is Dhara 14 TGIBNA?

Dhara 14 TGIBNA is the Roman Hindi reference for Section 14 of the The General Insurance Business (Nationalisation) Act, 1972. "Dhara" means "Section" in Hindi. Section 14 of The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA) governs amount payable to shareholders may be paid to named persons instead in certain cases. - (1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who, immediately before the appointed day, were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members, shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who have dissented from the resolution, the amount may be given to the person or body of persons so nominated in such manner and subject to such conditions as the Central Government may think fit. As verified on 19 May 2026.

Q: How to cite Section 14 of The General Insurance Business (Nationalisation) Act, 1972?

Cite as: "Section 14, The General Insurance Business (Nationalisation) Act, 1972 (TGIBNA)" in legal briefs. For academic writing, use the BlueBook format: The General Insurance Business (Nationalisation) Act, 1972, § 14 (India).

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Section 14 TGIBNA (The General Insurance Business (Nationalisation) Act, 1972): Amount payable to shareholders may be paid to named persons instead in certain cases. - (1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who, immediately before the appointed day, were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members, shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who have dissented from the resolution, the amount may be given to the person or body of persons so nominated in such manner and subject to such conditions as the Central Government may think fit | Law on Tips | Law on Tips