The Life Insurance Corporation (Amendment) Ordinance 1981

~ 0 3] No. 3i ~ EXTRAORDINARY ~ II~ 1 PART II-Section 1 ~nfu<fi'TI: ~ 51q:;,-fw PUBLISHED BY AUTHORITY ;;ffo'~t=rr, ~f.:r:lr,, :st~~r 31, 19s1/1=1"rq 11, 1902 NEW DELHI, SATURDAY,JANUARY 3r, r91h/MAGHA II, 1902 ~ m-r tr h.;;:r ~ ~ ;fr :;rr-dt f l'~-mf 1'•6 q 3',{ii•T ~~;~ ?f> ~q- tr ~ m ~<-ti 1 St:parate paging is given to this Part in order that it may be filed as a separate compilation MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS (Legislative Department) New Delhi, the 31st January , 1981/Magha 11, 1902. (Saka) • THE LIFE, INSl:'.RANCE CORPORATION _(A __ 1_M __ _l~NDMENI) ~- ........ ... ····• • ••. "<)RI5INANCE, j981: ~~---}. ()~;' 19.~1 __ _ Prornulga tcd bv the President in the Thirty-second Year of the Republic of India. An Ordinance further to amend the Life Insurance Corporation Act, 1956. VIHEREAS for securing the interests of the Life Insurance Corporation of India and its Policy-holders and to control the cost of administration, it is necessary that a revision of the terms and conditions of service appli­ cahle to the employees and agents of the Corporation should be under­ taken expeditiously: . AND WHEREAS Parliament is not in session and the President is satisfied tha t circumstances exist which render it necessary for him to take imme­ diate action: Now, THEREFORE. in exe··cicc of the powers conferred by clause (1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance: - 1. (1) This Ordinance may be called the Life Insurance Corporation Short (Amendment) Ordinance, 1981. title and com- (2) It shall come into force at once. mence­ ment. Amend­ ment of section 48. Amend­ ment of section 49. 2. In the Life Insurance Corporation Act, 1956 (hereinafter referred to 31 of'­ as the principal Act), in section 48,- (a) in sub-section (2), after clause (c), the following clause shall be inserted and shall be deemed to have been inserted with effect from the L-0th day of June, 1979, namely:- " (cc) the terms and conditions of service of the employees and agents of the Corporation, including those who became em­ ployees and agents of the Corporation on the appointed day under this A.e.;"; (b) after sub-section (2), the following sub-sections sha1l be inserted, namely: - " (2A) The regulations and other provisions as in force imme­ diately before the commencement of the Life Insurance Corpora­ tion (Amendment) Ordinance, 1981, with respect to the terms and conditions of service of employees and agents of the Corporation including those who became employees and agents of the Corpo­ ration on the appointed day under this Act, shall be deemed to be rules made under clause (cc) of sub-section (2) and shall, subject to the other provisions of this section, have effect accordingly. (2B) The power to make rules conferred by clause (cc) of sub-section (2) shall include- ( i) the power to give retrospective effect to such rules; and (ii) the power to amend by way of addition, variation o_c repeal, the regulations and other provisions referred to in sub-section (2A), with retrospective effect, from a date not earlier than the twentieth day of June, 1979. (2C) The provisions of clause (cc) of sub-section (2) and sub-section (2B) and any rules made under the said clause {cc) shall have effect, nnd any such rule made with retrospective effect from any daie shall also be deemed to }iave had effect from that date, notwithstand ng any judgment, decree or order of any court, tribunal or other authority and notwithstanding anything con- tained in the Industrial Disputes Act, 1947 or any other law or 14 of1947; any agreement, settlement, award or other instrument for the time being in force.". 3. In section 49 of the principal Act, in sub-section (2) ,- (a) in clause (b), the words "and the terms and conditions of service of such employees or agents" shall be omitted; and (b) clause (bb) shall be omitted. • N. SANJIVA REDDY, President. R. V. S. PERI SASTRI, Secy. to the Govt. of Ind,ia.