Life Insurance Corporation Act, 1956

Chapter II: Establishment of Life Insurance Corporation of India

3. Establishment and incorporation of Life Insurance Corporation of India.-

1.      With effect from such date {1st September, 1956, vide Notification No.S.R.O.1937, dated 30-8-1956, Gazette of India, Extraordinary, Pt. II, Sec.3, p.1799.} as the Central Government may, by notification in the Official Gazette, appoint, there shall be established a Corporation called the Life Insurance Corporation of India.

2.      The Corporation shall be a body corporate having perpetual succession and a common seal with power subject to the provisions of this Act, to acquire, hold and dispose of property, and may by its name sue and be sued.