3. Establishment and incorporation of Life Insurance Corporation of India. –
(1) With effect from such date1 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.
1. 1st September, 1956, vide Notification No.S.R.O.1937, dated 30-8-1956, Gazette of India, Extraordinary, Pt.II, Sec.3, p.1799.