Title : Omission of Section 14 of Act 17 of 1971 [Replealed]
State : Central
Year : 1972
[Repealed by the Repealing and Amending Act, 1978 (38 of 1978), section 2 and Schedule I (w.e.f. 26-11-1978).] View Complete Act List Judgments citing this sectionTitle : Functions of Acquiring Companies
State : Central
Year : 1972
( 1 ) Sub ject to the rules, if any, made by the Central Government in this behalf and to its me morandum and articles of association, it sh all be the duty of every acquiring company to carry on general insurance business. ( 2 ) Each acquiring company sh all so function under this Act as to secure that general insurance business is developed to the best advantage of the community. ( 3 ) In the discharge of any of its functions, each acquiring company sh all act so far as may be on business principles and where any directions have been issued by the1[ Central Government or the Insurance Regulatory and Development Authority established under sub-section (1) of section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999)] sh all be guided by such directions. ..... View Complete Act List Judgments citing this sectionTitle : Power to Make Rules
State : Central
Year : 1972
( 1 ) The Central Government may, by notification, make rules to carry out the provisions of this Act. ( 2 ) In particular, and without prejudice to the generality of the foregoing power, rules made under this section may provide for-- (a) the manner in which the profits, if any, and other moneys received by the Corp oration may be dealt with; 1[ (b) the conditions, if any, subject to which the Corporation shall carry on re-insurance business; (ba) the conditions, if any, subject to which the acquiring companies shall carry on general insurance business. ] (c) the terms and conditions sub ject to which any reinsurance contracts or treaties may be entered into; (d) the form and manner in which any notice or application may be given or made to the Central Government; (e) the..... View Complete Act List Judgments citing this sectionTitle : Effect of Transfer of Undertakings
State : Central
Year : 1972
(1) The undertaking of every such existing insurer as is referred to in section 5 shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests, in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of such existing insurer in relation to the undertaking, whether within or without India, and all books of accounts, registers, records and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the existing insurer in relation to the undertaking. (2) Unless..... View Complete Act List Judgments citing this sectionTitle : Schemes for Mergers of Companies, Etc.
State : Central
Year : 1972
(1)If the Central Government is of opinion that for the more efficient carrying onof general insurance business it is necessary so to do, it may by notificationframe one or more schemes providing for all or any of the following matters:-- (a)the merger in one Indian insurance company of any other Indian insurancecompany, or the formation of a new company by the amalgamation of two or moreIndian insurance companies; (b)the transfer to and vesting in the acquiring company of the undertaking(including all its business, properties, assets and liabilities) of any Indianinsurance company which ceases to exist by reason of the scheme; (c)the constitution, name and registered office and the capital structure of theacquiring company and the issue and allotment of shares; (d)the..... View Complete Act List Judgments citing this sectionTitle : Interim Provisions for Management of Indian Insurance Companies
State : Central
Year : 1972
( 1 ) Notwithstanding anything contained in the Companies Act or in the me morandum and articles of association of any Indian insurance company, on and from the appointed day and until a new board of directors of the Indian insurance company is duly constituted, the management of the company sh all continue to vest in the Custodian in charge of the management of the undertaking of that company immediately before the appointed day by virtue of the provisions contained in the General Insurance (Emergency Provisions) Act, 1971 (17 of 1971)1, and the Custodian sh all be entitled, sub ject to such directions as the Central Government may issue in this behalf, to exercise all the powers and do all acts and things as may be exercised or done by the company or by its board of directors. ..... View Complete Act List Judgments citing this sectionTitle : Exemptions
State : Central
Year : 1972
(1) Nothing contained in this Act shall apply in relation to-- (a) any general insurance business carried on by a State Government, to the extent to which such insurance relates to properties belonging to it or undertakings owned wholly or mainly by the State Government; or to properties belonging to semi-Government bodies, or any Board or body corporate established by the State Government under any statute or any industrial or commercial undertaking in which the State Government has substantial financial interest, whether as shareholder, lender or guarantor; (b) any general insurance business not falling within clause (a) which has been carried on by a State Government before the commencement of this Act, to the extent to which it is necessary to allow such business to run off: ..... View Complete Act List Judgments citing this sectionTitle : Definitions
State : Central
Year : 1972
In this Act, unless the context other wise requires,-- (a) "acquiring company" me ans any Indian insurance company and, where a scheme has been framed involving the me rger of one Indian insurance company in another or the amalgamation of two or more such companies me ans the Indian insurance company in which any other company has been me rged or the company which has been formed" as a result of the amalgamation; (b) "appointed day" me ans such day1not being a day later than the 2 nd day of January, 1973 , as the Central Government may by notification appoint; (c) "Companies Act" me ans the Companies Act, 1956 (1 of 1956) ; (d) "Corporation" me ans the General Insurance Corp oration of India formed under section 9 ; (e) "existing insurer" me ans every insurer the management of..... View Complete Act List Judgments citing this sectionState : Central
Year : 1973
COAL MINES (TAKING OVER OF MANAGEMENT) ACT, 1973 COAL MINES (TAKING OVER OF MANAGEMENT) ACT, 1973 15 of 1973 31st March, 1973 STATEMENT OF OBJECTS AND REASONS Coal is the most important indigenous source of commercial energy in India. It is available in adequate quantities in India, though much of it is poor in quality and the reserves are unevenly distributed among different regions of the country. With the recent nationalisation of 214 coking coal mines in Bengal-Bihar region, the development of metallurgical coal has been brought under the control of the Government except in case of captive coal mines of the private steel plants. The non-coking coal mines, however, still predominantly continue to remain in the hands of the private sector, the public sector undertakings..... List Judgments citing this sectionTitle : Coal Mines Taking over of Management Act 1973
State : Central
Year : 1973
Preamble1 - COAL MINES TAKING OVER OF MANAGEMENT ACT, 1973 Chapter I Section1 - Short title and commencement Section2 - Definitions Chapter II Section3 - Management of coal mines to vest in the Central Government on the appointed day Section4 - Contract regarding management of coal mines to be deemed to have terminated on the appointed day Section5 - Management of coal mines pending the appointment of Custodian Section6 - Power of Central Government to appoint Custodian Section7 - Payment of amount Chapter III Section8 - Penalties Section9 - Offences by companies Section10 - Mining companies not to be wound up by Court Section11 - Exclusion of period of operation of Act in computing period of limitation Section12 - Effect of Act on other laws Section13 - Delegation of powers ..... List Judgments citing this section