Section 37
Vacancies, etc., not to invalidate proceedings.
The General Insurance Business (Nationalisation) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.
No act or proceeding of the Corporation or of
an acquiring company shall be called in question merely on the ground of the existence of any vacancy in,
or defect in the constitution of, the Corporation or the company.