Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Section 34C

Title: Power of Authority to Appoint Additional Directors

State: Central

Year: 1938

.....Authority] may specify; (b) shall not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the execution of the duties of his office or in relation thereto; and (c) shall not be required to hold qualification shares of the insurer. (3) For the purpose of reckoning any proportion of the total number of directors of the insurer, any additional director appointed under this section shall not be taken into account.] ________________________ 1. Inserted by Act 62 of 1968, section 16 (w.e.f. 1-6-1969). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Part II

Title: Provisions Applicable to Insurers

State: Central

Year: 1938

.....section 2 and Schedule, for "theStates" (w.e.f. 1-11-1956). Section 2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act The provisions of this Act shall not apply to an insurer as defined in paragraph (i) or (iii) of sub-clause (a) of clause (9) of section 2 in relation to any class of his insurance business where such insurer has ceased, before the commencement of this Act, to enter into any new contracts of that class of business.] Section 3 - Registration (1) No 1 [person] shall, after the commencement of this Act, begin to carry on any class of insurance business in 2 [India] and no insurer carrying on any class of insurance business in 2 [India] shall, after the expiry of three months from the commencement of this Act, continue to carry on any such business, unless he has obtained from the 3 [Authority] a certificate of registration 4 [for the particular class of insurance business]: 5 [Provided that in case an insurer who was carrying on any class of insurance business in 2 [India] at the commencement of this Act, failure to obtain a certificate of registration in accordance with the requirements of this.....

Insurance Act, 1938 (4 of 1938) Part III

Title: Provident Societies

State: Central

Year: 1938

.....incorporated under the Indian Companies Act, 1913 (7 of 1913) 2 [or under the Indian Companies Act, 1882 (6 of 1882) or under the Indian Companies Act, 1866 (10 of 1866) or under any Act repealed thereby,] a certified copy of the Memorandum and Articles of Association or where the society is not such a company a certified copy of the deed of constitution of the society; (b) the names and addresses of the proprietors or directors, and the managers of the society, the full address of the registered office of the society, 2 [the full address of the principal office of the society in 14[India], the name of the manager at such office, and the name and address of some one or more persons resident in 3 [India] authorised to accept any notice required to be served on the society]; (c) a certificate from the Reserve Bank of India that the initial deposit referred to in section 73 has been made; 4 [***] (d) a declaration verified by an affidavit 5 [made by the principal officer of the society authorised in that behalf] that the minimum working capital required by section 72, is available; 6 [and 6 [(e) the 7 [receipt showing payment in the prescribed manner of the prescribed fee].....

Insurance Act, 1938 (4 of 1938) Complete Act

Title: Insurance Act, 1938 (4 of 1938)

State: Central

Year: 1938

.....liabilities remain unsatisfied Section2E - This Act not to apply to certain insurers, ceasing to enter into new contracts before commencement of Act Section3 - Registration Section3A - Renewal of registration Section3B - Certification of soundness of terms of life insurance business Section4 - Minimum limits for annuities and other benefits secured by policies of life insurance Section5 - Restriction on name of insurer Section6 - Requirement as to capital Section6A - Requirements as to capital structure and voting rights and maintenance of registers of beneficial owners of shares Section6AA - Manner of divesting excess shareholding by promoter in certain cases Section6B - Provision for securing compliance with requirements relating to capital structure Section6C - Conversion of company limited by shares into company limited by guarantee Section7 - Deposits Section8 - Reservation of deposits Section9 - Refund of Deposit Section10 - Separation of accounts and funds Section11 - Accounts and balance-sheet Section12 - Audit Section13 - Actuarial report and abstract Section14 - Register of policies and register of claims Section15 - Submission of returns .....

Employment of Children Act, 1938 Complete Act

State: Central

Year: 1938

.....the precincts thereof) wherein any industrial process is carried on, but does not include any premises to which the provisions of Section 50 of the Factories Act, 193410[for the time being apply.] SECTION 03: PROHIBITION OF EMPLOYMENT OF CHILDREN IN CERTAIN OCCUPATIONS 12[(1) No child who has not completed his fifteenth year shall be employed or permitted to work in any occupation" (a) connected with the transport of passengers, goods or mails by railway, or 13[(b) connected with cinder, picking, clearing of an ash pit or building operation, in the railway premises; or (c) connected with the work in a catering establishment, at a railway station, involving the movement of a vendor or any other employee of the establishment from one platform to another or into or out of a moving train; or (d) connected with the work relating to the construction of a railway station or with any other work where such work is done in close proximity to, or between, the railway lines; or] 13[(e)] connected with a port authority within the limits of any port, (2) No child who has completed his fifteenth year but has not completed his seventeenth year shall be employed or permitted to work in any.....

Insurance Act, 1938 (4 of 1938) Section 34A

Title: Amendment of Provisions Relating to Appointments of Managing Directors, Etc., to Be Subject to Previous Approval of the Authority

State: Central

Year: 1938

.....be deemed to be a provision relating to hi s remuneration. ( 2 ) Nothing contained in sections 268 and 269 , the proviso to sub-section ( 3 ) of section 309 , sections 310 and 311 , the proviso to section 387 , and section 388 (in so far as section 388 makes the provisions of sections 310 and 311 apply in relation to the manager of a company) of the Companies Act, 1956 ( 1 of 1956 ), shall apply to any matter in respect of which the approval of the1[authority] has to be obtained under sub-section ( 1 ). ( 3 ) No act done by a person as a managing or whole-time director or a director not liable to retire by rotation or a manager or a chief executive officer, by whatever name called, shall be deemed to be invalid on the ground that it is subsequently discovered that hi s appointment or re-appointment had not taken effect by reason of any of the provisions of this Act; but nothing in this sub-section shall be construed as rendering valid any act done by such person after hi s appointment or re-appointment has been shown to the insurer not to have had effect.] ______________________ 1. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f......

Insurance Act, 1938 (4 of 1938) Section 90

Title: Appointment of Liquidator

State: Central

Year: 1938

.....3 [it] may decline to make such appointment, and in such a case the society shall itself appoint a liquidator who shall carry out the liquidation as if the winding up was being done by an order of the court.] (2) Any liquidator 4 [appointed by the 1 [Authority] under sub-section (1)] may be removed by the 1 [Authority] if satisfied that the duties entrusted to him are not being properly discharged. _________________________ 1. Substituted by Act 47 of 1950, section 4, for "Superintendent of Insurance" (w.e.f. 1-6-1950) and again substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000). 2. Added by Act 13 of 1941, section 50 (w.e.f. 8-4-1941). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "he" (w.e.f. 19-4-2000). 4. Substituted by act 13 of 1941, section 50, for "so appointed" (w.e.f. 8-4-1941).

Insurance Act, 1938 (4 of 1938) Section 33A

Title: Power to Appoint Staff

State: Central

Year: 1938

1 [Appointment of Staff 33A. Power to appoint staff The 2 [***] 3 [Authority] may appoint such staff, and at such places at it or he may consider necessary, for the scrutiny of the returns, statements and information furnished by insurers under this Act and generally to ensure the efficient performance of the functions of the 2 [Authority] under this Act.] ____________________ 1. Inserted by Act 62 of 1968, section 16 (w.e.f. 1-6-1969). 2. The words "Central Government or the" omitted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000). 3. Substituted by Act 41 of 1999, section 30 and Schedule I, for "Controller" (w.e.f. 19-4-2000).

Insurance Act, 1938 (4 of 1938) Part I

Title: Preliminary

State: Central

Year: 1938

.....Government or the Government of any 5 [* * *] State; (ii) debentures or other securities for money issued under the authority of any Central Act or Act of a State Legislature by or on behalf of a port trust or municipal corporation or city improvement trust in any presidency-town; (iii) shares of a corporation established by law and guaranteed fully by the Central Government or the Government of a 5 [* * *] State as to the repayment of the principal and the payment of dividend; (iv) securities issued or guaranteed fully as regards principal and interest by the Government of any Part B State and specified as approved securities for the purposes of this Act by the Central Government by notification in the Official Gazette; and 6 [***] 7 [Explanation.--In sub-clauses (i) and (iii) "Government of a State" in relation to any period before the 1st November, 1956, means the Government of a Part A State;] 8 [(4) "auditor" means a person qualified under the Chartered Accountants Act, 1949 (38 of 1949) to act as an auditor of companies;] 9 [(4A) "banking company" and "company" shall have the meanings respectively assigned to them in clauses (c) and (d) of sub-section.....

Insurance Act, 1938 (4 of 1938) Section 2B

Title: Appointment of Controller of Insurance

State: Central

Year: 1938

1 [2B. Appointment of Controller of Insurance 2 [(1) If at any time, the Authority is superseded under sub-section (1) of section 19 of the Insurance Regulatory and Development Authority Act, 1999, the Central Government may, by notification in the Official Gazette, appoint a person to be the Controller of Insurance till such time the Authority is reconstituted under sub-section (3) of section 19 of that Act.] (2) In making any appointment under this section, the Central Government shall have due regard to the following considerations, namely, whether the person to be appointed has had experience in industrial, commercial or insurance matters and whether such person has actuarial qualification.] _____________________ 1. Inserted by Act 47 of 1950, section 5 (w.e.f. 1-6-1950). 2. Substituted by Act 41 of 1999, section 30 and Schedule I, for sub-section (1) (w.e.f. 19-4-2000).