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Section 6a – The Life Insurance Corporation Act, 1956

The Life Insurance Corporation Act,1956

 

6A. Power to impose conditions etc. –

 

(1) In entering into any arrangement, under Section 6, with any concern, the Corporation may impose such conditions as it may think necessary or expedient for protecting the interest of the Corporation and for securing that the accommodations granted by it is put to the best use by the concern.

 

(2) Where any arrangement entered into by the Corporation under Section 6 with any concern provides for the appointment by the Corporation of one or more directors of such concern, such provision and any appointment of directors made in pursuance thereof shall be valid and effective notwithstanding anything to the contrary contained in the Companies Act, 1956( 1 of 1956), or in any other law for the time being in force or in the memorandum, articles of association or any other instrument relating to the concern, and any provision regarding share qualification, age limit, number of director-ships, removal from office of directors and such like conditions contained in any such law or instrument aforesaid, shall not apply to any director appointed by the Corporation in pursuance of the arrangement as aforesaid.

 

(3) Any director appointed as aforesaid shall-

 

(a) hold office during the pleasure of the Corporation and may be removed or substituted by any person by order in writing by the Corporation;

 

(b) not incur any obligation or liability by reason only of his being a director or for anything done or omitted to be done in good faith in the discharge of his duties as a director or anything in relation thereto;

 

(c) not be liable to retirement by rotation and shall not be taken into account for computing the number of directors liable to such retirement.

 

 

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The Life Insurance Corporation Act, 1956

 

Indian Laws – Bare Acts

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