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Section 20: Managing Directors.

The Life Insurance Corporation Act, 1956Central Act · Act 31 of 1956

[20. Chief Executive and Managing Directors.---(1) The Chief Executive shall, subject to the superintendence, control and direction of the Board, be entrusted with substantial powers of management in respect of the whole of the affairs of the Corporation.

(2) The Chief Executive shall also perform such other duties in relation to the affairs of the Corporation as the Board may entrust to him from time to time and shall, for this purpose, exercise such powers as may be conferred upon him by the Board:

Provided that the Board may also empower the Chief Executive to entrust or delegate such of his duties and powers, as it may deem fit.

(3) Every Managing Director, subject to the general control of the Chief Executive, shall perform such duties and exercise such powers as may be entrusted or delegated to him by the Board or, under subsection (2), by the Chief Executive.]

Where this provision sits

ActThe Life Insurance Corporation Act, 1956
Section20
Marginal noteManaging Directors.
JurisdictionCentral
StatusIn 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.

  • substituted, Act 13 of 2021. Subs. by Act 13 of 2021, s. 133, for s. 20 (w.e.f. 30-6-2021).

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