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Insurance Act, 1938 Complete Act

State: Central

Year: 1938

.....to the business of insurance. Whereas it is expedient to consolidate and amend the law relating to the business of insurance; It is hereby enacted as foltows :- This Act has been applied to- (i) the partially excluded areas in the District of Darjesling, see Bengal Government Notification No. 1902-Com., dated 28-6-1939, Calcutta Gazette, dated 16-7-1939; (ii) the partially excluded areas in the Province of Orissa with effect from 14-10-1939, see Orissa Laws Validating Regulation, 1943 (1 of 1943). The Act has been extended to the new Provinces and Merged States by the S.3OF THE Merged States (Laws) Act, 1949 (1-1-1950) and to the States of Manipur, Tripura and Vindhya Pradesh by the Union Territories (Laws) Act, 1950 (30 of 1950), section 3 (16-4-1950). Manipur and Tripura are Union territories now and Vindhya Pradesh has been merged with the State of Madhya Pradesh -- See Act 37 of 1956, section 9(1)(e). It has been extended to the Union territories of- (1) Goa, Daman and Diu by Regn. 12 of 1962 (15-12-1963); (2) Dadra and Nagar Haveli, by Regn. 6 of 1963 (1-7-1965); (3) Pondicherry, by Regn. 7 of 1963 (1-10-1963); and (4) Laccadiv, Minicoy and Amindivi Islands, by Regn......

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.....

Academy of Scientific and Innovative Research Act, 2011, (Central) Section 16

Title: Term of Office of Members of Board

State: Central

Year: 2011

.....any other nominated member of the Board [other than ex officio Vice-Chairperson and ex officio members and nominated members under clause (k) of sub-section (1) of section 11] of the existing Academy shall be counted for the purposes of this sub-section. Explanation II.-For the removal of doubt it is hereby declared that a person who held the office of a member shall not be eligible to be re-appointed as a member but may be appointed as the Chairperson in accordance with the provisions of this Act: Provided that an outgoing member of the Board shall, unless or otherwise directed, continue in office until another person is appointed, or, as the case may be, nominated as a member in his place. (2) In the event of vacancy in the office of the Chairperson, by reason of his death or resignation or otherwise, the Vice-Chairperson shall act as the Chairperson until a new Chairperson is appointed in accordance with the provisions of this Act to fill the vacancy and enter upon his office: Provided that a person appointed due to a vacancy in the office of Chairperson under sub-section (2), shall be eligible to be appointed as Chairperson in accordance with the provisions of this.....

Academy of Scientific and Innovative Research Act, 2011, (Central) Section 16

Title: Term of Office of Members of Board

State: Central

Year: 2011

.....any other nominated member of the Board [other than ex officio Vice-Chairperson and ex officio members and nominated members under clause (k) of sub-section (1) of section 11] of the existing Academy shall be counted for the purposes of this sub-section. Explanation II.-For the removal of doubt it is hereby declared that a person who held the office of a member shall not be eligible to be re-appointed as a member but may be appointed as the Chairperson in accordance with the provisions of this Act: Provided that an outgoing member of the Board shall, unless or otherwise directed, continue in office until another person is appointed, or, as the case may be, nominated as a member in his place. (2) In the event of vacancy in the office of the Chairperson, by reason of his death or resignation or otherwise, the Vice-Chairperson shall act as the Chairperson until a new Chairperson is appointed in accordance with the provisions of this Act to fill the vacancy and enter upon his office: Provided that a person appointed due to a vacancy in the office of Chairperson under sub-section (2), shall be eligible to be appointed as Chairperson in accordance with the provisions of this.....

Pensions Act, 1871 Section 12A

Title: Nomination by Pensioner to Receive Moneys Outstanding on Account of Pension

State: Central

Year: 1871

.....which have so remained unpaid: Provided that if the nominee predeceases the pensioner, the nomination shall, so far as it relates to the right conferred upon the said nominee, become void and of no effect: Provided further that where provision has been duly made in the nomination, in accordance with the rules made by the Central Government, conferring upon some other person the right to receive all such moneys, which have so remained unpaid, in the event of the nominee predeceasing the pensioner, such right shall, upon the decease as aforesaid of the nominee, pass to such other person]. _________________________ 1. Inserted by Act 20 of 1982, section 3 (w.e.f. 18th May, 1982).

Insurance Act, 1938 (4 of 1938) Section 27A

Title: Further Provisions Regarding Investments

State: Central

Year: 1938

.....fund of any employee or to any security taken from any employee or other moneys of a like nature are required to be held by or under any Central Act, or Act of a State legislature. Explanation --In this section "controlled fund" me ans-- (a) in the case of any insurer specified in sub-clause (a) (ii) or sub-clause (b) of clause ( 9 ) of section 2 carrying on life insurance business -- (i) all hi s funds, if he carries on no other class of insurance business; (ii) all the funds appertaining to hi s life insurance business if he carries on some other class of insurance business also; and (b) in the case of any other insurer carrying on life insurance business- (i) all hi s funds in India, if he carries on no other class of insurance business; (ii) all the funds in India appertaining to hi s life insurance business if he carries on some other class of insurance business also; but does not include any fund or portion thereof in respect of which the4[ Authority] is satisfied that such fund or portion thereof, as the case may be, is regulated by the law of any country outside India or in respect of which the4[ Authority] is satisfied that it would not be in the.....

Insurance Act, 1938 (4 of 1938) Section 27B

Title: Further Provisions Regarding Investments

State: Central

Year: 1938

.....than in any of the following approved investments, namely:-- ( a) the investments specified in clauses (a) to (e), (n), (q) and (r) of sub-section (1) of section 27A; (b) debentures secured by a first charge on any immovable property, plant or equipment of any company which has paid interest in full for the three years immediately preceding or for at least three out of the four or five years immediately preceding on such or similar debentures issued by it; (c) debentures secured by a first charge on any immovable property, plant or equipment of any company where either the book value or the market value, whichever is less, of such property, plant or equipment is more than twice the value of such debentures; (d) first debentures secured by a floating charge on all its assets or by a fixed charge on fixed assets and floating charge on all other assets of any company which has paid dividends on its equity shares for the three years immediately preceding or for at least three out of the four or five years immediately preceding the date of the investment; (e) preference shares of any company which has paid dividends on its equity shares for the three years.....

Academy of Scientific and Innovative Research Act, 2011, (Central) Section 14

Title: Nomination of Distinguished Scientists or Outstanding Scientists of Council of Scientific and Industrial Research or Directors of Council of Scientific and Industrial Research Laboratories

State: Central

Year: 2011

The nomination of distinguished scientists or outstanding scientists of the Council of Scientific and Industrial Research or Directors of Council of Scientific and Industrial Research laboratories, referred to in clause (k) of sub-section (1) of section 11 shall be made by the Governing Body of the Council of Scientific and Industrial Research.

Academy of Scientific and Innovative Research Act, 2011, (Central) Section 14

Title: Nomination of Distinguished Scientists or Outstanding Scientists of Council of Scientific and Industrial Research or Directors of Council of Scientific and Industrial Research Laboratories

State: Central

Year: 2011

The nomination of distinguished scientists or outstanding scientists of the Council of Scientific and Industrial Research or Directors of Council of Scientific and Industrial Research laboratories, referred to in clause (k) of sub-section (1) of section 11 shall be made by the Governing Body of the Council of Scientific and Industrial Research.

Income Tax Act, 1961 Section 112

Title: Tax on Long-term Capital Gains

State: Central

Year: 1961

.....the purposes of this sub-section, (a) listed securities means the securities -- (i) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956) ; and (ii) listed in any recognised stock exchange in India ; (b) unit shall have the meaning assigned to it in clause (b) of Explanation to section 115AB.] (2) Where the gross total income of an assessee includes any income arising from the transfer of a long-term capital asset, the gross total income shall be reduced by the amount of such income and the deduction under Chapter VIA shall be allowed as if the gross total income as so reduced were the gross total income of the assessee. (3) Where the total income of an assessee includes any income arising from the transfer of a long-term capital asset, the total income shall be reduced by the amount of such income and the rebate under section 88 shall be allowed from the income-tax on the total income as so reduced. _____________________ 1. Proviso omitted by the Finance Act, 1995, with effect from 1st April, 1996. 1a. Inserted by the Finance Act, 1999 with effect from 1st April, 2000. 2. Substituted for being listed.....