Life Insurance Corporation Act, 1956 · Chapter II: Establishment of Life Insurance Corporation of India
Section 3: Establishment and incorporation of Life Insurance Corporation of India
(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be established a Corporation called the Life Insurance Corporation of India.
(2) The Corporation shall be a body corporate having perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold and dispose of property, and may by its name sue and be sued.
Source: India Code (indiacode.gov.in), the consolidated text published by the Legislative Department, Government of India. Text as updated on India Code on 15 October 2026. Words in square brackets [ ] were inserted or substituted by later amending Acts, and *** marks words omitted by an amendment. The amendment footnotes are not reproduced here. Official text on India Code.
Supreme Court judgments citing the section 3
-
M/S Bharti Airtel Limited v. A.S. Raghavendra
Whether the respondent would or would not come within the definitional stipulation of a “workman” as laid out under Section 2(s), Industrial Disputes Act, 1947.
-
The General Manager, M/S Barsua Iron Ore Mines v. The Vice President United Mines Mazdoor Union and Ors.
Respondent initially declared his date of birth as 27.12.1948. Later, in descriptive roll, he changed his initially recorded date of birth i.e. 27.12.1948 to 12.03.1955. Based on his declaration at the time of initial…
- Nedumpilli Finance Company Limited v. State of Kerala & Ors.
- Commissioner of Income Tax(Tds) Kanpur and Anr. v. Canara Bank
- M/S. Delhi International Airport Pvt. Ltd. v. Union of India & Ors.
- Dalco Engineering Private Ltd. v. Shree Satish Prabhakar Padhye and Ors.