Bare Act Search Results

Insurance Act, 1938 (4 of 1938) Section 6AA

Title: Manner of Divesting Excess Shareholding by Promoter in Certain Cases

State: Central

Year: 1938

.....capital as may be prescribed, after a period often years from the date of the commencement of the said business by such Indian insurance company or within such period as may be prescribed by the Central Government. Explanation .--For the removal of doubts, it is hereby declared that nothing contained in the proviso shall apply to the promoters being foreign company, referred to in sub-clause (b) of clause ( 7 A) of section 2 . ( 2 ) The manner and procedure for divesting the excess share capita) under sub-section ( 1 ) shall be specified by the regulations made by the Authority.] ________________________ 1. Inserted by Act 41 of 1999, section 30 and Schedule I (w.e.f. 19-4-2000).

Enemy Property Act 1968 Section 18

Title: Divesting of Enemy Property Vested in the Custodian

State: Central

Year: 1968

The Central Government may, by general or special order, direct that any enemy property vested in the Custodian under this Act and remaining with him shall be divested from him and be returned, in such manner as may be prescribed, to the owner thereof or to such other person as may be specified in the direction and thereupon such property shall cease to vest in the Custodian and shall revest in such owner or other person.

The Textile Undertakings (Nationalisation) Laws (Amendment And Validation) Act, 2014 Complete Act

State: Central

Year: 2014

.....Laws (Amendment and Validation) Act, 2014, shall have and shall be deemed always to have effect for all purposes as if the provisions of this Act, as amended by the said Act, had been in force at all material times; (b) any lease-hold property divested from the National Textile Corporation to any person under the provisions of this Act, as it stood immediately before the commencement of the Textile Undertakings (Nationalisation) Laws (Amendment and Validation) Act, 2014, shall stand transferred to and vest or continue to vest, free from all encumbrances, in the National Textile Corporation in the same manner as it was vested in the National Textile Corporation before such divesting of that property under the provisions of this Act, as if the provisions of this Act as amended by the aforesaid Act, were in force at all material times; (c) no suit or other proceedings shall, without prejudice to the generality of the foregoing provisions, be maintained or continued in any court or tribunal or authority for the enforcement of any decree or order or direction given by such court or tribunal or authority, notwithstanding any undertaking filed by the National Textile Corporation.....

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 Regulatory and Development Authority Act, 1999 Schedule 1

Title: First Schedule

State: Central

Year: 1999

.....the expressions "group" and "same management" shall have the same meanings respectively assigned to them in the Monopolies and Restrictive Trade Practices Act, 1969 (54 of 1969)."; (b) in sub-section (11),-- (i) for "Explanation 1", substitute "Explanation"; (ii) omit Explanation 2. 11. After section 6A, insert the following:-- "6AA. Manner of divesting excess shareholding by promoter in certain cases. (1) No promoter shall at any time hold more than twenty-six per cent. or such other percentage as may be prescribed, of the paid-up equity capital in an Indian insurance company: Provided that in a case where an Indian insurance company begins the business of life insurance, general insurance or re-insurance in which the promoters hold more than twenty-six per cent. of the paid-up equity capital or such other excess percentage as may be prescribed, the promoters shall divest in a phased manner the share capital in excess of the twenty-six per cent, of the paid-up equity capital or such excess paid-up equity capital as may be prescribed, after a period of ten years from the date of the commencement of the said business by such Indian insurance company or within such.....

Insurance Regulatory and Development Authority Act, 1999 Complete Act

State: Central

Year: 1999

.....thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and the General Insurance Business (Nationalisation) Act, 1972. Be it enacted by Parliament in the Fiftieth Year of the Republic of India as follows: STATEMENT OF OBJECTS AND REASONS 1. The insurance industry requires a high degree of regulation. The Insurance Act, 1938 provides for the institution of the Controller of Insurance to act as a strong and powerful supervisory and regulatory authority with powers to direct, advise, caution, prohibit, investigate, inspect, prosecute, search, seize, fine, amalgamate, authorise, register and liquidate insurance companies. However, after the nationalisation of the life insurance industry in 1956 and the general insurance industry in 1972, the role of the Controller of Insurance diminished in significance over a period of time. 2. In April, 1993, the Government set up a high-powered Committee headed by Shri R.N. Malhotra, former Governor, Reserve Bank of India, to examine the structure of the insurance industry and recommend changes to make it more efficient and competitive keeping in view the structural changes in other parts of the financial.....

Indian Succession Act, 1925 Part 6

Title: Testamentary Succession

State: Central

Year: 1925

.....of ministers of religion; for the formation or support of a public garden; All these bequests are void. _____________________ 1. Added by Act 51 of 1991, section 6. INDIAN SUCCESSION ACT, 1925Chapter 8 - OF THE VESTING OF LEGACIES Section 119 - Date of vesting of legacy when payment or possession postponed Where by the terms of a bequest the legatee is not entitled to immediate possession of the thing bequeathed, a right to receive it at the proper time shall, unless a contrary intention appears by the will, become vested in the legatee on the testator's death, and shall pass to the legatee's representatives if he dies before that time and without having received the legacy, and in such cases the legacy is from the testator's death said to be vested in interest. Explanation.An intention that a legacy to any person shall not become vested in interest in him is not to be inferred merely from a provision whereby the payment or possession of the thing bequeathed is postponed, or whereby a prior interest therein is bequeathed to some other person, or whereby the income arising from the fund bequeathed is directed to be accumulated until the time of payment arrives,.....

Charitable Endowments Act, 1890 Complete Act

State: Central

Year: 1890

.....in the Official Gazette, at such time as the appropriate Government may direct, a list of all properties for the time being vested in him under this Act and an abstract of all accounts kept by him under sub-section (2) of the last foregoing section SECTION 10: Limitation of functions and powers of treasurer: . . . (1)A treasurer of Charitable Endowments shall always be a sole trustee, and shall not, as such treasurer, take or hold any property otherwise than under the provisions of this Act, or, subject to those provisions, transfer any property vested in him except in obedience to a decree divesting him of the property, or in compliance with a direction in that behalf issuing from the authority by whose order the property became vested in him (2) Such a direction may require the treasurer to sell or otherwise dispose of any property vested in him, and, with the sanction of the authority issuing the direction, to invest the proceeds of the sale or other disposal of the property in any such security for money as is specified in the direction, or in the purchase of immovable property (3) When a treasurer of Charitable Endowments is divested, by a direction of the.....

The Punjab Land Reforms Act, 1972 Complete Act

State: Punjab

Year: 1972

.....[----] (15) "surplus area" means the area in excess of the permissible area; (16) "tenant" has the meaning assigned to it in the Punjab Tenancy Act, 1887 (Act XVI of 1887) and includes a sub-tenant and self-cultivating lessee, but shall not include a present holder as defined in clause (f) of section 2 of the East Punjab Displaced Persons (Land Resettlement) Act, 1949; (17) all other words and expressions used herein and not defined but defined in the Punjab Tenancy Act, 1887 (Punjab Act XVI of 1887), or the Punjab Land Revenue Act, 1887 (Punjab Act XVII of 1887) shall have the meaning assigned to them in either of those Acts. COMMENTS Tenant on appointed day " if the petitioner was a tenant on the appointed day and had continued to be a tenant continuously it would be manifestly unfair to deprive him of tenants permissible area merely because he subsequently purchased a part of the tenancy. Whether he in fact was entitled to tenants permissible area, is a matter to be examined by the Collector. Raja Ram vs. State of Punjab, 1992 LLT 26 (F.C. Punjab) Definition of landowner : - It is admitted case of the petitioner that he is in possession of the land of Smt. Angoori.....

Life Insurance Corporation Act, 1956 Chapter 7

Title: Miscellaneous

State: Central

Year: 1956

.....business or personally works for gain or owns any property, as if it were a decree passed by that court. Section 43 - Application of the Insurance Act (1) The following section of the Insurance Act shall, so far as may be, apply to the Corporation as they apply to any other insurer, namely:- Sections 2, 2B, 3, 18, 26, 33, 38, 39, 31, 45, 46, 47A, 50, 51, 52, 110A, 110B, 110C, 119, 121, 122 and 123. (2) The Central Government shall as soon as may be after the commencement of this Act, by notification in the Official Gazette, direct that the following sections of the Insurance Act shall apply to the Corporation subject to such conditions and modifications as may be specified in the notification, namely:- Sections 2D, 10, 11, 13, 14, 15, 20, 21, 22, 23, 25, 27A, 28A, 35, 36, 37, 40, 40A, 43, 44, 102 to 106, 107 to 110, 111, 113, 114 and 116A. 1[(2A) Section 42 of the Insurance Act shall have effect in relation to the issue to any individual of a licence to act as an agent for the purpose of soliciting or procuring life insurance business for the Corporation as if the reference to an officer authorised by the Controller in this behalf in sub-section (1) thereof included a.....