Section 34
Revesting of certain shares vested in the Administrator General.
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.
Notwithstanding anything
contained in the Insurance Act, all shares which have vested in the Administrator General of any State
under sub-section (8) of the 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.