Section 32A: Prohibition of common officers and requirement as to whole-time officers.
The Insurance Act, 1938Central Act · Act 4 of 1938
[32A. Prohibition of common officers and requirement as to whole-time officers. --(1) A managing director or other officer of an insurer *** carrying on life insurance business shall not be a managing director or other officer of any other insurer carrying on life insurance business or of a banking company or of an investment company:
Provided that the [Authority] may permit such managing director or other officer to be a managing director or other officer of any other insurer carrying on life insurance business for the purpose of amalgamating the business of the two insurers or transferring the business of one insurer to the other.
Prohibition of common officers and requirement as to whole-time officers.
Jurisdiction
Central
Status
In force as published by the source
How this provision has been amended
Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.
inserted, Act 47 of 1950. . Ins. by Act 47 of 1950, s. 24 (w.e.f. 1-6-1950).
omitted, Act 5 of 2015. . The words, brackets, letter and figures "specified in sub-clause (b) of clause (9) of section 2 and," omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014).
substituted, Act 41 of 1999. . Subs. by Act 41 of 1999, s. 30 and the First Schedule, for "Central Government" (w.e.f. 19-4-2000).
omitted, Act 5 of 2015. . Sub-sections (2) and (3) omitted by Act 5 of 2015, s. 34 (w.e.f. 26-12-2014).
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