Section 20
Managing Directors.
The Life Insurance Corporation Act, 1956
About this Act
An Act to provide for the nationalisation of life insurance business in India by transferring all such business to a Corporation established for the purpose and to provide for the regulation and control of the business of the Corporation and for matters connected therewith or incidental thereto.
1[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.]
(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.]
Notes
1. Subs. by Act 13 of 2021, s. 133, for section 20 (w.e.f. 30-6-2021).