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Start Free TrialGeneral Insurance Business (Nationalisation) Act,1972 Chapter I
Title: Preliminary
State: Central
Year: 1972
This Act may be called the General Insurance Business (Nationalisation) Act, 1972. Section 2 - Declaration as to the policy of the State 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. Section 3 - Definitions 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.....
View Complete Act List Judgments citing this sectionGeneral Insurance Business (Nationalisation) Act,1972 Section 3
Title: Definitions
State: Central
Year: 1972
.....Act, sh all have the me anings respectively assigned to them in that Act; (q) words and expressions used in this Act but not defined herein or in the Insurance Act and defined in the Companies Act, sh all have the me anings respectively assigned to them in the Companies Act. ________________________ 1. 1 - 1 - 1973, vide Notification No. S.O. 724 (E), dated the 24th November, 1972, published in the Gazette of India, Extra., Pt. II, section 3 (ii), p. 1979. 2. Now stands repealed by the Insurance Laws (Transfer of Business and Emergency Provisions) Repeal Act, 2001 (11 of 2001), section 4 (w.e.f. 9-5-2001). 3. Inserted by Act 3 of 1985, section 2 (w.r.e.f. 17-9-1984).
View Complete Act List Judgments citing this sectionFinance Act 1994 Chapter 5
Title: Service Tax
State: Central
Year: 1994
.....to carry out any 80[service, repair, reconditioning or restoration] of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; 39[(9a) "automated teller machine" means an interactive automatic machine designed to dispense cash, accept deposit of cash, transfer money between bank accounts and facilitate other financial transactions; (9b) "automated teller machine operations, maintenance or management service" means any service provided in relation to automated teller machines and includes site selection, contracting of location, acquisition, financing, installation, certification, connection, maintenance, transaction processing, cash forecasting, replenishment, reconciliation and value-added services; (9c) "banker to an issue" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934), carrying on the activities relating to an issue including acceptance of application, application money, allotment money and call money, refund of application money, payment of dividend and interest warrants;] (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the B anking.....
View Complete Act List Judgments citing this sectionFinance Act 1994 Section 65
Title: Definitions
State: Central
Year: 1994
.....to carry out any 80[service, repair, reconditioning or restoration] of any motor car, light motor vehicle or two wheeled motor vehicle manufactured by such manufacturer; 39[(9a) "automated teller machine" means an interactive automatic machine designed to dispense cash, accept deposit of cash, transfer money between bank accounts and facilitate other financial transactions; (9b) "automated teller machine operations, maintenance or management service" means any service provided in relation to automated teller machines and includes site selection, contracting of location, acquisition, financing, installation, certification, connection, maintenance, transaction processing, cash forecasting, replenishment, reconciliation and value-added services; (9c) "banker to an issue" means a bank included in the Second Schedule to the Reserve Bank of India Act, 1934(2 of 1934), carrying on the activities relating to an issue including acceptance of application, application money, allotment money and call money, refund of application money, payment of dividend and interest warrants;] (10) "banking" has the meaning assigned to it in clause (b) of section 5 of the B anking.....
View Complete Act List Judgments citing this sectionPayment of Gratuity Act, 1972 Section 4A
Title: Compulsory Insurance
State: Central
Year: 1972
.....(2), he shall be liable to pay the amount of gratuity due under this Act (including interest, if any, for delayed payments) forthwith to the controlling authority. (6) Whoever contravenes the provisions of sub-section (5) shall be punishable with fine which may extend to ten thousand rupees and in the case of a continuing offence with a further fine which may extend to one thousand rupees for each day during which the offence continues. Explanation.--In this section, "approved gratuity fund" shall have the same meaning as in clause (5) of section 2 of the Income-tax Act, 1961 (43 of 1961).] ___________________________ 1. Inserted by Act 22 of 1987, section 5.
View Complete Act List Judgments citing this sectionGeneral Insurance Business (Nationalisation) Act,1972 Chapter VI
Title: Functions of Corporation and Acquiring Companies and their Management
State: Central
Year: 1972
.....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. ( 4 ) For the removal of doubts it is hereby declared that the Corp oration and any acquiring company may, sub ject to the rules, if any, made by the Central Government in this behalf, enter into such contracts of reinsurance or reinsurance treaties as it may think fit for the protection of its interests. _________________________ 1.Substituted by Act 40 of 2002, section 5, for "Corporation". Section 20 - Balance of profit how to be utilised (1) After making provision for bad and doubtful debts,depreciation in assets, provident, superannuation, welfare and otherfunds, debts due to Government and all other matters for which provision is necessary under anylaw or which are usually provided for by insurance companies, every acquiringcompany shall distribute the balance of profit as dividends. (2) Any profit made by the Corporationand any sums received by the Corporation by way of.....
View Complete Act List Judgments citing this sectionGeneral Insurance Business (Nationalisation) Act,1972 Chapter VII
Title: Miscellaneous
State: Central
Year: 1972
.....as it may direct. Section 34 - Reference to existing insurer in other laws Any reference to an existing insurer in any law other than this Act or any contract or other instrument shall, in so far as it relates to an acquiring company, be construed as a reference to that company. Section 35 - Application of Insurance Act Subject to such exceptions, restrictions and limitations, if any, as the Central Government may, by Notification, specify in this behalf, the Insurance Act shall apply to or in relation to the Corporation and every acquiring company as if the Corporation or the acquiring company, as the case may be, were an insurer carrying on general insurance business within the meaning of that Act. Section 35A - [Omitted] 1[ ***] _________________________ 1. Section 35A inserted by Act 26 of 1988, section (w.r.e.f. 1-4-1988) and omitted by Act 20 of 2002, section 158 (w.e.f. 1-6-2002). Section 36 - Exemptions (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.....
View Complete Act List Judgments citing this sectionGeneral Insurance Business (Nationalisation) Act,1972 Section 39
Title: Power to Make Rules
State: Central
Year: 1972
.....in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or notification or both Houses agree that the rule or notification sh ould not be made, the rule or notification sh all thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment sh all be without prejudice to the validity of anything previously done under that rule or notification. _________________________ 1. Substituted by Act 40 of 2002, section 8, for clause (b).
View Complete Act List Judgments citing this sectionNegotiable Instruments Act, 1881 Amending Act 1
Title: Amendment Act
State: Central
Year: 1881
..... P RAEMBLE An Act further to amend the Negotiable Instruments Act, 1881 , the B ankers' B ooks Evidence Act, 1891 and the Information Technology Act, 2000 . BE it enacted by Parliament in the Fifty-third year of the Republic of India as follows:-- CHAPTER I PRELIMINARY 1 . Sh ort title and commencement ( 1 ) This Act may be called the Negotiable Instruments (Amendment and Miscellaneous Provisions) Act, 2002 . ( 2 ) It sh all come into force on such date1as the Central Government may, by notification in the Official Gazette, appoint and different dates may be appointed for different provisions of this Act. CHAPTER II AMENDMENTS TO THE NEGOTIA B LE INSTRUMENTS ACT, 1881 2 . Sub stitution of new section for section 6 For section 6 of the Negotiable Instruments Act, 1881 ( 26 of 1881 ) (h ereinafter in this Chapter referred to as the principal Act), the following section sh all be sub stituted, namely:-- ' 6 . "Cheque".--A "cheque" is a bill of exchange dr awn on a specified banker and not expressed to be payable other wise than on demand and it includes the electronic image of a truncated cheque and a cheque in the electronic form. Explanation I.--For the.....
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Part 7
Title: Winding Up
State: Central
Year: 1956
.....given as the1[Tribunal] thinks reasonable. _____________________ 1. Substituted Act 11 of 2003, Section 54, for "Court". 2. Substituted by Act 11 of 2003, Section 54. 3. Substituted by Act 65 of 1960, Section 162, for "clauses (b), (c) and (e)" (w.e.f. 28-12-1960). 4. Substituted by Act 11 of 2003, Section 54, for "and (f)". 5. Substituted by Act 65 of 1960, Section 162, for "an inspector" (w.e.f. 28-12-1960). Section 439A - Statement of affairs to be filed on winding up of a company 1[ 439A. Statement of affairs to be filed on winding up of a company ( 1 ) Every company shall file with the Tribunal a statement of its affairs alongwith the petition for winding up. ( 2 ) Where a company oppose a petition for its winding up, it sh all file with the Tribunal a statement of its affairs. ( 3 ) The statement of affairs referred to in sub-section ( 1 ) or sub-section ( 2 ) shall be accompanied by-- (a) the last known addresses of all directors and company, secretary of such company; (b) the details of location of assets of the company and their value; (c) the details of all debtors and creditors with their complete addresses; (d) the details of workmen.....
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