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Section 5 – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

5. Capital of the Corporation –

 

(1) The original capital of the Corporation shall be five crores of rupees provided by the Central Government after due appropriation made by Parliament by law for the purpose, and the terms and conditions relating to the provision of such capital shall be such as may be determined by the Central Government.

 

(2) The Central Government may, on the recommendation of the Corporation, reduce the capital of the Corporation to such extent and in such manner as the Central Government may determine.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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