National Insurance Corporation Act

NATIONAL INSURANCE CORPORATION ACT. ARRANGEMENT OF SECTIONS Section ESTABLISHMENT. 1. Interpretation. 2. Establishment of the corporation. 3. Board of directors. 4. Qualifications of directors. 5. Object of the corporation. 6. Meetings of the board. STAFF. 7. Managing director. 8. Deputy managing director. 9. Secretary of the corporation. 10. Staff. FINANCE. 11. Authorised capital. 12. Accounts and audit. MISCELLANEOUS. 13. Annual report. 14. Minister's powers of direction. 15. Relations with Government. 16. Service of documents. 17. Byelaws of the corporation. 18. Liquidation. CHAPTER 314 NATIONAL INSURANCE CORPORATION ACT. Commencement : 30 July, 1964. An Act to establish a National Insurance Corporation and for other purposes connected therewith. ESTABLISHMENT. 1. Interpretation.

nt : 30 July, 1964. An Act to establish a National Insurance Corporation and for other purposes connected therewith. ESTABLISHMENT. 1. Interpretation.

In this Act, unless the context otherwise requires— ( a ) "appoint" includes promote; ( b ) "board" means the governing body of the corporation constituted under section 3(1); ( c ) "chairperson" means the chairperson of the board; ( d ) "corporation" means the National Insurance Corporation established by section 2; ( e ) "deputy managing director" means the deputy managing director of the corporation; ( f ) "director" means a director of the board and includes the chairperson; ( g ) "financial year" means the period of 12 months ending on the 31st"> day of December, or such other period of 12 months as the Minister may, by writing under his or her hand, authorise the corporation to adopt as its financial year; ( h ) "managing director" means the managing director of the corporation; ( i ) "Minister" means the Minister responsible for finance; ( j ) "secretary" means the secretary of the corporation. 2. Establishment of the corporation. (1) There shall be established a body corporate to be known as the National Insurance Corporation. (2) The corporation shall have perpetual succession and a common seal and may sue or be sued in its corporate name.

he National Insurance Corporation. (2) The corporation shall have perpetual succession and a common seal and may sue or be sued in its corporate name.

(3) The corporation may, for and in connection with its functions under this Act, purchase, hold, manage and dispose of any property and may enter into such contracts and other transactions as may be expedient. (4) The application of the seal of the corporation on any document shall be authenticated by the signatures of the chairperson, a director and the managing director. (5) In the absence of the chairperson, two other directors may sign in his or her place; and the person performing the functions of the managing director may sign in the absence of the managing director. (6) The signatures of the chairperson, the director and the managing director shall be independent of the signature of any other person who may sign any such document as a witness. (7) Every document purporting to This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article. Home | About Us |--> Terms & Conditions | Privacy Statement | Publishing Services | Contact Us Sitemap --> --> Copyright 2019. Blackhall Publishing. All Rights Reserved. Design and Developed By : Indiafin Technologies Ltd .