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3. Establishment and incorporation of Life Insurance Corporation of India.- (1) Wit effect from such date {ist September, 1956, vide Notification No.S.R.O.1937, dated 30-8-1956, Gazette of India, Extraordinary, Pt.II, Sec.3, p.1799.} 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.





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