Section 39. Companies not to engage in actuarial practice

39. Companies not to engage in actuarial practice . — (1) No company, whether incorporated in India or elsewhere, shall practice as Actuaries. (2) Any company contravening the provisions of sub-section (1) shall be punishable on first conviction with fine which may extend to ten thousand rupees, and on any subsequent conviction with fine which may extend to twenty-five thousand rupees.