Insurance (Miscellaneous Provisions) Act, 1985

Obligation of shareholders (other than Minister) to hold shares in trust for Minister.

11.—Every member of the Company shall hold his shares in the Company upon trust for the Minister and shall accordingly be bound to pay every dividend and other money received by such member in respect of such shares to the Minister for the benefit of the Exchequer and to transfer, as and when required by the Minister, such shares to the Minister or a person nominated in that behalf by the Minister.