[24D. Penalties.If the Chief Executive or the Managing Director in charge of finance or the head of the finance function of the Corporation or any other person of the Corporation charged by the Board with the duty of complying with the provisions of section 24A or section 24B or section 24C contravenes any of the said provisions, such Chief Executive or Managing Director or head of finance function or other person shall, for each section whose provisions have been contravened, be liable to pay penalty of a sum which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.]
Section 24D: Penalties.
The Life Insurance Corporation Act, 1956Central Act · Act 31 of 1956
Where this provision sits
| Act | The Life Insurance Corporation Act, 1956 |
|---|---|
| Section | 24D |
| Marginal note | Penalties. |
| 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.
- substituted, Subs.by Act 13 of 2021. Subs.by Act 13 of 2021, s. 136, for s. 24 (w.e.f. 30-6-2021).
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