THE CHARTERED ACCOUNTANTS (AMENDMENT) ACT, 2011 [Act No. 3 of 2012] [8th January, 2012] PREAMBLE An Act further to amend the Chartered Accountants Act, 1949. BE it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:
View Complete Act List Judgments citing this sectionIn the Chartered Accountants Act, 1949 (38 of 1949) (hereinafter referred to as the principal Act), in section 2, (i) in sub-section (1), (a) after clause (c), the following clause shall be inserted, namely: '(ca) "firm" shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932), and includes, (i) the limited liability partnership as defined in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); or (ii) the sole proprietorship, registered with the Institute;'; (b) after clause (ea), the following clauses shall be inserted, namely: '(eb) "partner" shall have the meaning assigned to it in section 4 of the Indian Partnership Act, 1932 (9 of 1932) or in clause (q) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009), as the case may be; (ec) "partnership" means (A) a partnership as defined in section 4 of the Indian Partner ship Act, 1932 (9 of 1932); or (B) a limited liability partnership which has no company as its partner;'; (c) after clause (ha), the following clause shall be inserted, namely: '(haa) "sole proprietorship" means.....
View Complete Act List Judgments citing this sectionIn section 25 of the principal Act, in sub-section (1), the following Explanation shall be inserted, namely: 'Explanation. For the removal of doubts, it is hereby declared that the "company" shall include any limited liability partnership which has company as its partner for the purposes of this section.'.
View Complete Act List Judgments citing this sectionTHE LIFE INSURANCE CORPORATION (AMENDMENT) ACT, 2011 [Act No. 8 of 2012] [12th January, 2012] PREAMBLE An Act further to amend the Life Insurance Corporation Act, 1956. BE it enacted by Parliament in the Sixty-second Year of the Republic of India as follows:--
View Complete Act List Judgments citing this sectionIn section 18 of the principal Act, for sub-section (4), the following sub-section shall be substituted, namely:-- "(4) There may be established as many divisional offices and branches in each zone as may be decided by the Corporation in accordance with the guidelines issued by the Insurance Regulatory and Development Authority established under the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999) in this regard.".
View Complete Act List Judgments citing this sectionIn section 26 of the principal Act, for the words "once at least in every two years", the words "every year" shall be substituted.
View Complete Act List Judgments citing this sectionIn section 37 of the principal Act, the following proviso shall be inserted, namely:-- "Provided that the Corporation shall endeavour that its funds are invested in the attractive schemes formulated by it to ensure increased bonus to policyholders while having least investment risk so as to enable the Corporation to play a greater role in economic enrichment of the masses while maintaining its position as a leading player in the market.".
View Complete Act List Judgments citing this sectionIn section 44 of the principal Act, in clause (b), the following proviso shall be inserted, namely:-- "Provided that nothing contained in this clause shall apply on and from the date on which the provisions contained in section 2E of the Insurance Act, 1938 (4 of 1938) shall cease to operate.".
View Complete Act List Judgments citing this sectionIn section 48 of the principal Act, in sub-section (2),-- (i) after clause (a), the following clause shall be inserted, namely:-- "(aa) the instruments which may be issued and the amount of working capital under sub-section (2) of section 5;"; (ii) in clause (cc), the words "and agents" occurring at both the places, shall be omitted.
View Complete Act List Judgments citing this sectionIn section 49 of the principal Act, in sub-section (2),-- (i) for clause (b) the following clause shall be substituted, namely:-- "(b) the method of recruitment of employees and agents of the Corporation and the terms and conditions of the agents;"; (ii) clause (f) shall be omitted.
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