Title : Vacancies, Etc., Not to Invalidate Proceedings
State : Central
Year : 1972
No act or proceeding of the Corporation or of an acquiring company shall be called in question merely on the ground of the existence of any vacancy in, or defect in the constitution of the Corporation or the company. View Complete Act List Judgments citing this sectionState : Central
Year : 1972
GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 57 of 1972 20th September, 1972 "By the General Insurance (Emergency Provisions) Ordinance, 1971, which was later replaced by an Act of Parliament the management of the undertakings of all insurers carrying on general insurance business was vested in the Central Government, pending nationalisation. The object of the present Bill is to complete the process of nationalisation which is sought to be effected in the following manner. On a day to be appointed by the Central Government, the shares in insurance companies carrying on general insurance business, which are incorporated in India and having a share capital, would automatically stand transferred to and vested in,..... List Judgments citing this sectionTitle : General Insurance Business (Nationalisation) Amendment Act, 2002
State : Central
Year : 1972
Amending Act 1 - GENERAL INSURANCE BUSINESS (NATIONALISATION) AMENDMENT ACT, 2002 GENERAL INSURANCE BUSINESS (NATIONALISATION) AMENDMENT ACT, 2002 [Act No. 40 of 2002] Preamble An Act further to amend the General Insurance Business (Nationalisation) Act, 1972 BE it enacted by Parliament in the Fifty-third Year of the Republic of India as follows :-- 1. Short title and commencement (1) This Act maybe called the General Insurance Business (Nationalisation) Amendment Act,2002. (2) It shallcome into force on such date1 as the Central Government may, bynotification in the Official Gazette, appoint. ______________________ 1. Dateappointed is 21.03.2003 by Notification No. SO 329(E) dated 21.03.2003 2. Amendment of section 9 In section 9..... View Complete Act List Judgments citing this sectionTitle : General Insurance Business (Nationalisation) Act,1972
State : Central
Year : 1972
Preamble1 - GENERAL INSURANCE BUSINESS (NATIONALISATION) ACT, 1972 Chapter I Section1 - Short title Section2 - Declaration as to the policy of the State Section3 - Definitions Chapter II Section4 - Transfer of shares of Indian insurance companies Section5 - Transfer of undertakings of other existing insurers Section6 - Effect of transfer of undertakings Section7 - Transfer of service of existing employees in certain cases Section8 - Provident, superannuation, welfare and other funds Chapter III Section9 - Formation of General Insurance Corporation of India Section10 - Transfer of Corporation of shares vested in Central Government Section10A - Transfer to Central Government of shares vested in Corporation Chapter IV Section11 - Amounts to be paid for transfer and vesting of..... List Judgments citing this sectionTitle : Right of Acquiring Company to Seek Relief in Respect of Certain Transactions
State : Central
Year : 1972
(1) Where an existing insurer has at any time within five years before the 13th day of May, 1971-- (a) made any payment to any person without consideration; (b) sold or disposed of any property of the insurer without consideration or for an inadequate consideration; (c) acquired any property or rights for an excessive consideration; (d) entered into or varied any agreement so as to require an excessive consideration to be paid or given by the insurer; (e) entered into any other transaction of such an onerous nature as to cause a loss to, or impose a liability on, the insurer exceeding any benefit acruing to the insurer, and the payment, sale, disposal, acquisition, agreement or variation thereof or other transaction was not reasonably necessary for the purpose of the general..... View Complete Act List Judgments citing this sectionTitle : Short Title
State : Central
Year : 1972
This Act may be called the General Insurance Business (Nationalisation) Act, 1972. View Complete Act List Judgments citing this sectionTitle : Formation of General Insurance Corporation of India
State : Central
Year : 1972
(1) As soon as may be after the commencement of this Act, the Central Government shall form a Government company in accordance with the provisions of the Companies Act, to be known as the General Insurance Corporation of India for the purpose of superintending, controlling and carrying on the business of general insurance. 1 [Provided that on and from the commencement of the General Insurance Business (Nationalisation) Amendment Act, 2002, the provisions of this sub-section shall have effect as if for the words "superintending, controlling and carrying on the business of general insurance", the words "carrying on re-insurance business" had been substituted.] (2) The authorised capital of the Corporation shall be 2 [rupees two hundred and fifty crores, divided into two hundred..... 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 : Power of Central Government to Regulate the Terms and Conditions of Service of Officers and Other Employees
State : Central
Year : 1972
(1) The Central Government may, by notification in the Official Gazette, frame one or more schemes for regulating the pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company. (2) A scheme framed under sub-section (1) may add to, amend or vary any scheme framed under section 16 [including any addition, amendment or variation made therein by notification under sub-section (6) of section 16] with respect to rationalisation or revision of pay scales and other terms and conditions of service of officers and other employees of the Corporation or of any acquiring company, to provide for further rationalisation or revision of such pay scales and other terms and conditions of service notwithstanding that such further..... View Complete Act List Judgments citing this sectionTitle : Functions of Corporation
State : Central
Year : 1972
( 1 ) The functions of the Corp oration sh all include-- (a) the carrying on of any part of the general insurance business, if it thinks it desirable to do so; (b) aiding, assisting and advising the acquiring companies in the matter of setting up of standards of conduct and sound practice in general insurance business and in the matter, of rendering efficient service to holders of policies of general insurance; (c) advising the acquiring companies in the matter of controlling their expenses including the payment of commission and o ther expenses; (d) advising the acquiring companies in the matter of the investment of their funds; (e) issuing directions to acquiring companies in relation to the conduct of general insurance business. 1[ Provided that all the functions of the..... View Complete Act List Judgments citing this section