Insurance (Miscellaneous Provisions) Act, 1985

Vesting in Minister upon director's or other member's death, etc., of share held by such director or member.

12.—(1) Upon the retirement or death of a director of the Company or upon the office of a director becoming vacated in accordance with the articles of association of the Company, any shares held by such director shall, without the necessity for a transfer, vest in the Minister.

(2) Upon the death of a member of the Company (other than a director) any shares held by such member shall, without the necessity for a transfer, vest in the Minister.