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General Insurance Business (Nationalisation) Act, 1972
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Section
Section Title
INTRODUCTION
1
Short title
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2
. Declaration as to the policy of the State
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3
Definitions
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4
Transfer of shares of Indian insurance companies
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5
Transfer of undertakings of other existing insurers
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6
Effect of transfer of undertakings
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7
Transfer of service of existing employees in certain cases
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8
Provident, superannuation, welfare and other funds
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9
Formation of General Insurance Corporation of India
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10
Transfer of Corporation of shares vested in Central Government
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10A
1 Transfer to Central Government of shares vested in Corporation
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11
Amounts to be paid for transfer and vesting of shares or undertakings
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12
Disbursement of amounts by Corporation
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13
Mode of payment
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14
Amount payable to shareholders may be paid to named persons instead in certain cases
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15
Payment into Court in case of rival claims
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16
Schemes for mergers of companies, etc
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17
1 Laying of schemes and notifications before Parliament
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17A
Power of Central Government to regulate the terms and conditions of service of officers and other employees
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18
Functions of Corporation
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19
Functions of acquiring companies
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20
Balance of profit how to be utilised
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21
Interim provisions for management of Indian insurance companies
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22
Power of Central Government to transfer employees
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23
Power of Central Government to issue directions
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24
Acquiring companies to have the exclusive privilege of carrying on general insurance business
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24A
1 Exclusive privilege of Corporation and acquiring companies to cease
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25
Properties in India not to be insured with foreign insurers except with permission of Central Government
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26
Acquiring companies and income-tax
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27
Power to reduce amounts of insurance in certain cases
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28
Right of acquiring company to seek relief in respect of certain transactions
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29
Duty to deliver possession of property and documents relating thereto
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30
Penalty for withholding property etc
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31
Officers and employees of Corporation or of acquiring companies to be public servants
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32
Indemnity
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33
Dissolution of Corporation and acquiring companies
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34
Reference to existing insurer in other laws
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35
Application of Insurance Act
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35A
Omitted
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36
Exemptions
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37
Vacancies, etc., not to invalidate proceedings
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38
Protection of action taken in good faith
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39
Power to make rules
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40
Omission.-Omission of section 14 of Act 17 of 1971
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SCHEDULE I
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