Life Insurance Corporation Act : Revesting of certain shares vested in the Administrator-General.

Life Insurance Corporation Act,1956

Act No : 31

Section : Revesting of certain shares vested in the Administrator-General.

34. Revesting of certain shares vested in the Administrator- General. Notwithstanding anything contained in the Insurance Act, all shares which have vested in the Administrator-General of any State under sub-section (8) of section 6A of that Act and which have not been disposed of in accordance with the provisions of that sub-section before the appointed day, shall, on payment of the amount of expenditure, if any, incurred by the Administrator-General in relation to such shares by the persons who would have been entitled to those shares if the said sub-section had not been enacted, revest in such persons.