REGISTERED No. D. 221 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No 10] NEW DELHI, SATURDAY, APRIL 20, 1957/CHAITRA 30, 1879 MINISTRY OF LAW New Delhi the 20th April, 1957 [HE LIFE INSURANCE CORPORATION (AMENDMENT) ORDINANCE, 1957 No. 3 OF 1957 Promulgated by the President in the Eighth Year of the Republic of India.
An Ordinance to amend the Life Insurance Corporation Act,
1956.
WHEREAS Parliament is not in session and the President is satisfied that circumstances exist which render it necessary for him to take immediate action;
Now, THEREFORE, in exercise of the powers conferred by clause
(1) of article 123 of the Constitution, the President is pleased to promulgate the following Ordinance:—
1. (1) This Ordinance may be called the Life Insurance Corpora tion (Amendment) Ordinance, 1957.
Short title and commencement.
(2) It shall come into force at once.
2. During the period of operation of this Ordinance, section 11 of the Life Insurance Corporation Act, 1956 (hereinafter referred to as the principal Act), shall have effect as if for sub-section (2) thereof, the following sub-section had been substituted, namely: — of 1956.
Amendment of Section 11.
"(2) Where the Central Government is satisfied that for the purpose of securing uniformity in the scales of remuneration and the other terms and conditions of service ( I 5 9 ) 160 THE GAZETTE OF INDIA EXTRAORDINARY [PAST II—SEC. 1] applicable to employees of insurers whose controlled business has been transferred to, and vested in, the Corporation it is necessary so to do, or that, in the interests of the Corporation and its policy-holders, a reduction in the remuneration payable to employees or any class of them is called for, the Central Government may from time to time, notwithstanding anything contained in sub-section (1), or in the Industrial Disputes Act, 1947, ] or in any other law for the time being in force, or in any award, settlement or agreement for the time being in force, alter (whether by way of reduction or otherwise) the remuneration and the other terms and conditions of service to such extent and in such manner as it thinks fit; and if the alteration is not acceptable to any employee, the Corporation may terminate his employment by giving him compensation equivalent to three months' remuneration unless the contract service with such employee provides for a shorter notice of termination.
4 of 1947.
Explanation.—The compensation payable to an employee under this sub-section shall be in addition to, and shall not affect, any pension, gratuity, provident fund money or any other benefit to which the employee may be entitled under his contract of service.".
3. Any order altering the remuneration and the other terms and conditions of service of the employees referred to in sub-section
(2) of section 11 of the principal Act made or purporting to have been made under that sub-section before the commencement of this Ordinance by the Central Government for any of the purposes specified in that sub-section as amended by this Ordinance, shall, notwithstanding anything contained in any judgment, decree or order of any court, be deemed to have been made under that sub-section as amended by this Ordinance as if this Ordinance were in force on the date on and from which the order was intended to take effect, and the order shall continue in force and have effect accordingly.
Validation of orders passed before commencement of Ordinance altering remuneration, etc RAJENDRA PRASAD, President.
K. V. K. SUNDARAM, Secy, to the Govt. of India.
PRINTED IN INDIA BY THE GENERAL MANAGER, OOlfERNMENT Or INDIA PRESS, NKW DELHI AND PUBLISHED BY THE MANAGER OF PUBLICATIONS, DELHI, 1957