Title : Protection of Action Taken in Good Faith
State : Central
Year : 1972
No suit, prosecution or other legal proceeding shall lie against any officer of the Central Government or officer or other employee of the Corporation or of the acquiring company for anything which is in good faith done or intended to be done under this Act. View Complete Act List Judgments citing this sectionTitle : Transfer of Corporation of Shares Vested in Central Government
State : Central
Year : 1972
(1) All the shares in the capital of every Indian insurance company which stand transferred to and vested in the Central Government by virtue of section 4 [with the exception of the shares transferred to any person under sub-section (2) of that section] shall immediately after such vesting, stand transferred to and vested in the Corporation and every Indian insurance company shall forthwith give effect to such transfer of shares and rectify its register of members by including therein the Corporation as the holder of such shares. View Complete Act List Judgments citing this sectionTitle : Transfer to Central Government of Shares Vested in Corporation
State : Central
Year : 1972
1[10A. Transfer to Central Government of shares vested in Corporation All the shares in the capital of the acquiring companies, being-- (a) the National Insurance Company Limited; (b) the New India Assurance Company Limited; (c) the Oriental Insurance Company Limited; (d) the United India Insurance Company Limited, and vested in the Corporation before the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002 shall, on such commencement, stand transferred to the Central Government. ] __________________________ 1. Inserted by Act 40 of 2002, section 3. View Complete Act List Judgments citing this sectionTitle : Undisbursed or Unclaimed Amounts to Be Deposited to the General Revenue Account
State : Central
Year : 1974
Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of three years from the last day on which the disbursement was made, shall be transferred by the Commissioner to the general revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of revenue. View Complete Act List Judgments citing this sectionTitle : Declaration as to the Policy of the State
State : Central
Year : 1972
It is hereby declared that this Act is for giving effect to the policy of the State towards securing the principles specified in clause (c) of article 39 of the Constitution. Explanation.-- In this section "State" has the same meaning as in Article 12 of the Constitution. View Complete Act List Judgments citing this sectionTitle : Provident, Superannuation, Welfare and Other Funds
State : Central
Year : 1972
(1) Where an existing insurer has established a provident, superannuation, welfare or any other fund for the benefit of his employees and constituted a trust in respect thereof (hereafter in this section referred to as an existing trust), the moneys standing to the credit of such fund on the appointed day, together with any other assets belonging to such fund, shall stand transferred to and vested in the Indian Insurance Company on the appointed day free from any such trust. (2) Where all the employees of the Life Insurance Corporation or any other existing insurer do not become employees of an Indian Insurance Company, the monies and other assets belonging to any such fund as is referred to in sub-section (1), shall be apportioned between the trustees of the fund and the Indian..... View Complete Act List Judgments citing this sectionTitle : Amount Payable to Shareholders May Be Paid to Named Persons Instead in Certain Cases
State : Central
Year : 1972
(1) Notwithstanding anything contained elsewhere in this Act, if a majority in number of the persons, who immediately before the appointed day were registered in the books of an Indian insurance company as the members thereof, and representing two-thirds in value of the amount payable to the Indian insurance company, agree either in person or by proxy at a meeting specially convened for the purpose that the amount so payable instead of being distributed among the members shall be given to any such person or body of persons as the members may nominate either at that meeting or subsequently for the purpose of carrying on any business, and the Central Government is satisfied that due provision has been or will be made for the payment of the value of their respective shares to persons who..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Transfer Employees
State : Central
Year : 1972
1[The Central Government or any person authorised by it may at any time transfer any officer] or employee from an acquiring company or the Corporation to any other acquiring company or the Corporation, as the case may be, and the officer or employee so transferred, sh all continue to have the same terms and conditions of service as were applicable to hi m immediately before such transfer. _________________________ 1.Substituted by Act 40 of 2002, section 6, for "the Corporation may at any time transfer any officer". View Complete Act List Judgments citing this sectionTitle : Indemnity
State : Central
Year : 1972
Every officer of the Central Government and every officer or other employee of the Corporation and of any acquiring company shall be indemnified by the Central Government or the Corporation or the acquiring company, as the case may be, against all losses and expenses incurred by him in, or in relation to, the discharge of his duties under this Act except such as have been caused by his own wilful act or default. View Complete Act List Judgments citing this sectionTitle : Undisbursed or Unclaimed Amounts to Be Deposited to the General Reserve Account
State : Central
Year : 1995
Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of three years from the last day on which the disbursement was made, shall be transferred by the Commissioner to the general revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of revenue. View Complete Act List Judgments citing this section