 bill no 43 of 8t the general insurance business (nationalisation) amendment bill, 1989 a billfurther to amend the general in8urance business (nationalisation) act, 1972 be it enacted by parliament in the fortieth year of the republic of india as follows:-1 this act may be called the general insurance business (nationalisation) amendment act, 1989 short title amendment of section 90f act 57 of 1972  statement of objects and reasonsthe authorised capital of the general insurance corporation of india is at present rupees seventy-five crores as provided in sub-section (2) of section 9 of the general insurance business (nationalisation) act, 1972 (57 of 1972) 2 there has been a substantial accretion to the free reserves of the general insurance corporation of india on account of its continued good performance as a result of the raid accretion the general insurance corporation of india has made two bonus issues and at present the paid-up capital of the said corporation stands at rupees sixty-four crores and fifty lakhs the said corporation is also expected to make further bonus issues in the near future and as a result of such issues the paid-up capital of the corporation would go up beyond the existing authorised capital of rupees seventy-five crores lt is, therefore, necessary that the present authorised capital of rupees seventy-five crores is increased to rupees two hundred and fifty crores to enable the said corporation to make further bonus issues over a period of next ten years 3 the bill seeks to achieve the above object new delhi; s b chavan the 20th april, 1989  annexure extract from the general insurance business (nationalisation) act, 1972(57 of 1972) - - - - -  chapter iiiporma  general insurance corporation of indiatioa~ general 9 (1)                          -                                                -                                                                        -                                                                                               - idlw'bdco corpqra lion ~ india       (2) the authorised capital of the corporation shall be rupees seventy-five crores, divided into seventy-five lakhs fully paid-up shares of one hundred rupees each, out of which rupees five crores shall be the initial subscribed capital of the corporation             -                          -         ,                                              -                                                                -                                                                                  -  a billfurther to amend the general insurance businesa (nationa1isation~ act, 1972 (shri s b cji4van, mnister of finclnce) 