REGISTERED No. D-481 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 34] NEW DELHI, SATURDAY, DECEMBER 2, 1950 MINISTRY OF LAW New Delhi, the 2nd December, 1950 The following Acts of Parliament; received the assent of the President on the 1st December, 1950, and are hereby published for general information — THE ALLIANZ UND STUTTGARTER LIFE INSURANCE BANK (TRANSFER) ACT, 1950' No. LXII OF 1950 An Act to provide for the transfer of the business of the Allianz Und Stuttgarter Life Insurance Bank, Limited, to the United India Life Assurance Company, Limited, and for matters connected therewith.
[1st December, 1950] B E i t e n a c t e d b y P a r l i a m e n t a s f o l l o w s . —
1. Short title and commencement.—(2) This Act may be called the Allianz Und Stuttgarter Life Insurance Bank (Transfer) Act,' 1950
(2) It shall be deemed to have come into force on the 1st day of Septem ber, 1950.
2. Definitions—In this Act unless the context otherwise requires,—
(a) "the Act" means the Insurance Act, 1938 (IV of 1938),
(b) "transferee company" means the United India Life Assurance Company, Limited, having its registered office in Madras;
(c) "transferor company" means the Allianz Und Stuttgarter Life Insurance Bank, Limited
3. Transfer of assets and liabilities of the transferor company to the transferee company —All the assets and liabilities of the transferor company which relate to or arise out of the life insurance business of the transferor company carried on immediately before the commencement of this Act by Messrs. A. F Ferguson & Company, Chartered Accountants ( 257 ) 268 TH.E GAZETTE OF INDIA. BXTEA0BD1NAEY [PART TI of Bombay, under the Defence of India Kules shall, by virtue of this Act, stand transferred to and vest in the transferee company, subject to the provisions of this Act nnd to the terms and conditions specified in the First Schedule.
4. Effect of transfer of assets and liabilities to transferee company,— (J) Every contract of life insurance, entered into between the transferor company and the holder of any life policy before the commencement of this Act, shall have effect as from such commencement as if the transferee company had been a party to the contract instead of the transferor company, and for any referenoe (however worded and whether express or implied) to the transferor company there were substituted as respects anything falJing to be done on or after such commencement, a reference to the transferee company, und with such other modifications as may be necessary to transfer rights, liabilities and obligations under the contract so fur ns unperformed, from the trnnsferor company to the transferee oompany:
1 Provided that uo provision in an^ such contract for the payment of any bonus, profit, interest or dividend on any life policy shall have effeot against the transferee company except on the "basis of an actuarial valuation of the business of the transferor company made after the commencement of this Act and to the extent, if any, that may be recommended by the actuary.
(#) For the removal of doubts it is hereby deolared that notwithstanding any decision or rule of law to the contrary, HO contract of life insurance as is referred to in sub-seotion (1) shall be deemed to have been dissolved merely by reason of the declaration that war had broken out between the Government of the United Kingdom and Germany.
5. Cessation of payment of commission to past Insurance agents.—(1) Notwithstanding anything to the contrary contained in the Act oi in any other law for the time being in force or in any contract, all contracts of agency entered into before the 81st day of July, 1942, between an insurance agent, a speoial agent or a ohiof agent (by whatever name called) and the transferor oompany, and any appointment made before the said date whereby remuneration is payable to any person in the form of commission or bonus, shall be deemed to have been terminated with effect from the said date and no commission or bonus due to suoh agent or person, whether on renewal premiums or otherwise, shall be payable to him in respect of nny ]ifo policies procured by or through him before the said dato.
(9) Notwithstanding anything to tho contrary contained m any law for the time being in force, no compensation shall be payable to any person for the termination, in purfmnnco of this seotion, of any contraot of agency or other appointment.
6. Provision for facilitating tranafer.—The Central Government may, by order notified in the Official Gazette, make suoh incidental, supplementary or consequential provisions as, jn its opinion, are necessary to secure that the kanafer of the assets and liabilities of the transferor oompany to the transferee oompany arc fully and effectively carried out, and in particular and, without prejudioe to the generality of such power, provision may be made by order notified in the Official Gaze t t e - fa) for adapting the terms of contracts entered into between the transferor oompany and anv other person before the commencement of this Act, B B O . — 1 ! T H E GAZETTE OF INDIA EXTliAOBDlNAUY U5P so aa to oonfomi to the ohanges consequent on the passing of this Aot in the circumstances m which the oontracts will M l to be performed after such dommenoeinent;
(6) for requiring an\ por&on concerned with the keeping of the register of the holders of any securities rw investments now transferred to the transferee company, to forthwith register the transferee company thorein and to lesuo to the transferee company tho appropriate documents of title relating to the securities or investments transferred to i t ;
(c) for the continuation by or against the transferee conipum of any legal proceedings pending by or agninst the transferor company.
7. Power to give directions.—(ij If uuy difficulty arises in giving effect io the provisions of this Aot, the Controller ol Insurance may, with the approval tit the Central Government, give such directions to tho transferee company as lie may consider necessary and the transferee company shall be bouud to comply with such directions
(3) If the transferee company fails to comply with any direction given to it under sub-section (2) it shell be deemed to have committed an offence punishable under section 102 of the Act.
8. Repeals.—(1) The Allianz Und hiuttgartt-r Life Insurance Hank (Ti-ansinv) Ordinance, I960 (XXIV of 1950) is hereby repealed (&) The notifications Hpecified in the Second Schedule shall cease to have effeot on the commencement of this Act, except sis roHpwtfi thingR done or omitted to be done before nuoh commencement.
TR-R F I B S T S C H E D U L E (See section 8) forma ami conditions relating lo the tranufer of tha buamevx of the transferor company 1 The transferee oompany shall maintain a separate auvuunt in which shall be shown the business of the tranBfyror company whioh has beentransferred to it and a separate valuation thereof shall be made from time to time with a view to ascertaining whether profits appertaining to such business •*nd divisible among holders of life policies exist '2. The transferee company shall be bound to pay in full all olaims •arismu out of any life policy issued by tho transferor company and remaining to be paid at the commencement of this Aot or foiling to be paid at any t ime after such tsomm encemen t.
8. Notwithstanding anything contained iu Notification iVo 168-I(2Sj- W/4X of the Government of India in the Commerce Department , dated the 27th day of June , 1942, the transferee company shall be liable to make good in reapeot of every policy of life insurance which had fallen due for payment before the oommencement of this Aot the difference between the amounts ac tualh paid to the holder thereof by or on behalf of the transferor oompany in pursuance of the said notification and the full amount which would have been payable jf that notification had not been issued.
4. If the transferee oompany recovers or receives any money from outside India whioh relate to the assets now transferred to the transferee company the Mine shall be applied by the transferee company for the benefit of the life polioi«a of t h 8 transferor oompany issued in India.
260 THE GAZETTE OF INDIA EXTRAOEDINABY [FAST II—SBC. 1 THE SECOND SCHEDULE (See .section 8) Repeals
1.
•i.
3.
Notification No. and date No. 288-OR/39, dated the 14th December, 1939> of the Government of India, Defence Op-ordination Department.
No. 168-l(2)-W/39, dated the 22nd February, 1941, of the Government of India, Department of Commerce.
No. 168-1 (23)-W/41, dated the 27th June, 1942, of the Government of India, Department of 0 >mmeroe.
Contents of Notification Authorising Messrs. A. F. Ferguson and Company, Chartered Aocountants of Bombay, to carry on the business of the transferor company under rule 113A of ^he Defence si India Bules, since continued in foroe by the Trading with the Enemy (Continuance of Emergency Provisions) Act, 1947 (XVI of 1947) Granting exemptions to Messrs. A. F. Ferguson and Company from the operation of certain provisions of the Act Exempting Messrs. A. F. Ferguson and Company from the obligation imposed by any contract of insurance in respect of so much thereof as is in excess of 80 per cent, o f the liability arising therefrom.
THE AJMER TENANCY AND LAND RECORDS (AMEND- MENT) ACT, 1950 No. LXIII OF 1950 An Act to amend the Ajmer Tenancy and Land Records Act, 1950.
[1st December, 1950] BE it enacted by Parliament as follows: —
1. Short title.—This Act may be called the Ajmer Tenancy and Land Records (Amendment) Act, 1950.
2. Amendment of section 203, Act XLII of 1950,—In -ub-section (2) of section '203 of the Ajmer Tenancy and Laud Records Act. 1950 (hereinafter 'referred to as the said Act), after clause (r), the following e!ause shall be inserted, namely: — "(s) for the levy of a fee in respect •* i -K-- '' • or the grant of any relief under this Act in cases not •:•. • • .'.'•. ',••• •••: •••,! for".
3. Amendment of section 204, Act XLII of 1950.—In sub-section (1) of section 204 of the said Act, for the words "three months", the words "nine months" shall be substituted.
4. Repeal and saving.—(1) The Ajmer Tenancy and Land Records (Amendment) Ordinance, 1950 (XXIII of 1950) is hereby repealer1.
(2) Notwithstanding such repeal, anything done or any action taken in the exercise of any power conferred by or'under the said Ordinance shall be deemed to have been done or taken in the exercise of the powers conferred by or under this Act, as if this Act were in force on the day on which such thing was done or action was taken.
(3) Eeferences in this Act to any of the provisions of the principal Act _ shall be construed as references to those provisions as in force immediately before the commencement of the said Ordinance.
. K. V. K. STJNDABAM,^ Secy, to the Govt. of Iniia.
PRINTED IN INDIA BY THE MANAGER GOVT. OF SNDT/V PRESS, NEW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS DELHI 1950