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Section 1: Short title

LIC rules 1956Central Rules · 1956

These Rules may be called the Life Insurance Corporation Rules, 1956.

1 {2. Definitions- In these rules-

(i) “Act” means the Life Insurance Corporation Act, 1956(31 of 1956);

2 [(i-a) “Chairman” means the Chairman appointed by the Central Government under sub-section (1) of section 4];

(ii) “Section” means a section of the Act;

(iii) “Tribunal” means the Tribunal constituted by the notification of the Government of India in the Ministry of Finance S.R.O. No.1734 dated the 25 th May, 1957.}

3. Term of office of members-

1. An official member shall hold office during the pleasure of the Central Government.

2. A non-official member shall hold office for a period of three 2A years unless a shorter period is specified in the order of appointment.

3. An out-going member shall be eligible for re-appointment.

3 [3A Office of Chairman – The Office of the Chairman shall be wholetime]

Where this provision sits

ActLIC rules 1956
Section1
Marginal noteShort title
JurisdictionCentral
StatusIn force as published by the source

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