REGISTERED No. D-(D)-72
The Gazette of India
EXTRAORDINARY
PART II—Section 1
PUBLISHED BY AUTHORITY
No. 4] NEW DELHI, TUESDAY, MARCH 17, 1981/PHALGUNA 26, 1902
Separate 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 17th March, 1981/Phalguna 26, 1902 (Saka)
The following Act of Parliament received the assent of the President
on the 17th March, 1981, and is hereby published for general informa-
tion:—
THE LIFE INSURANCE CORPORATION (AMENDMENT)
ACT, 1981
No. 1 OF 1981
[17th March, 1981.]
An Act further to amend the Life Insurance Corporation Act, 1956.
WHEREAS 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 revision of the terms and conditions of service appli-
cable to the employees and agents of the Corporation should be under-
taken expeditiously;
BE it enacted by Parliament in the Thirty-second Year of the
Republic of India as follows: —
1. (1) This Act may be called the Life Insurance Corporation
(Amendment) Act, 1981.
(2) It shall be deemed to have come into force on the 31st day of
January, 1981.
2. In the Life Insurance Corporation Act, 1956 (hereinafter referred
to 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
31 of 1956.
Short
title and
commence-
ment.
Amend--
ment of
section
48.
(9)
10
THE GAZETTE OF INDIA EXTRAORDINARY
[PART I I -
effect from the 20th day of June, 1979, namely: —
" (cc) the terms and conditions of service of the employees
and agents of the Corporation, including those who became
employees and agents of the Corporation on the appointed day
under this Act;";
(b) after sub-section (2), the following sub-sections shall be
inserted, namely: —
"(2A) The regulations and other provisions as in force
immediately before the commencement of the Life Insurance
Corporation (Amendment) Act, 1981, with respect to the terms
and conditions of service of employees and agents of the Corpo-
ration including those who became employees and agents
of the Corporation 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
or 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, and any such rule made with retrospective
effect from any date shall also be deemed to have had effect
from that date, notwithstanding any judgment, decree or order
of any court, tribunal or other authority and notwithstanding
anything contained in the Industrial Disputes Act, 1947 or any
other law or any agreement, settlement, award or other instru-
ment for the time being in force.".
3. In section 49 of the principal Act,—
(a) in sub-section (2) ,—
(i) in clause (b), the words "and the terms and condition!!
of service of employees or agents" shall be omitted;
(ii) clause (bb) shall be omitted; and
(b) after sub-section (2), the following sub-section shall be in-
serted, namely: —
" (3) Every regulation made under this section shall be laid,
as soon as may be after it is made, before each House of Par-
liament, while it is in session, for a total period of thirty days
which may be comprised in one session or in two or more
successive sessions, and if, before the expiry of the session Im-
mediately following the session or the successive sessions afore-
said, both Houses agree in making any modification in the
14 of 1947.
Amend-
ment of
section
49.
Sue. 1]
THE GAZETTE OF INDIA EXTRAORDINARY
n
regulation or both Houses agree that the regulation should not
be made, the regulation shall thereafter have effect only In
auch modified form or be of no effect, as the case may be; so,
however, that any such modification or annulment shall be
without prejudice to the validity of anything previously done
under that regulation.".
4. (1) The Life Insurance Corporation (Amendment)
Ordinance,
1981 is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken
under the principal Act as amended by the said Ordinance shall be
deemed to have been done or taken under the principal Act as amended
by this Act.
8 of 1881.
Repeal
and
saving.
R. V. S. PERI SASTRI,
Secy, to the Govt. of Iyidia.
PRINTED BY THE GENERAL MANAGER, GOVERNMENT OP INDIA
PRESS, MINTO ROAD
NEW DELHI ANJj PUBLISHED BY THE CONTROLLER OF PUBLICATIONS, DELHI,
1981
