[Provided that on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, the provisions of this sub-section shall have effect as if for the words "superintending, controlling and carrying on the business of general insurance ", the words "carrying on re-insurance business " had been substituted.]

(2)

The authorised capital of the Corporation shall be [rupees two hundred and fifty crores, divided into two hundred and fifty lakhs fully paid-up shares] [Substituted by Act 38 of 1989, Section 2, for " rupees seventy-five crores divided into seventy-five lakhs fifty paid-up shares " (w.e.f. 22.10.1989).] of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the Corporation:

[Provided that the Central Government may, by notification, increase or reduce the authorised capital or subscribed capital, as the case may be, as it deems fit.] [Inserted by Act 40 of 2002, Section 2 (w.e.f. 21.3.2003).]

(3)

Notwithstanding anything contained in the Companies Act, 1956 (1 of 1956), it shall not be necessary to add the word "Limited " as the last word of the name of the Corporation: