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Union of India - Act

The Life Insurance Corporation Of India (Payment Of Gratuity To The Chairman And Managing Directors) Rules, 1997

UNION OF INDIA
India

The Life Insurance Corporation Of India (Payment Of Gratuity To The Chairman And Managing Directors) Rules, 1997

Rule THE-LIFE-INSURANCE-CORPORATION-OF-INDIA-PAYMENT-OF-GRATUITY-TO-THE-CHAIRMAN-AND-MANAGING-DIRECTORS-RULES-1997 of 1997

  • Published on 14 February 1997
  • Commenced on 14 February 1997
  • [This is the version of this document from 14 February 1997.]
  • [Note: The original publication document is not available and this content could not be verified.]
The Life Insurance Corporation Of India (Payment Of Gratuity To The Chairman And Managing Directors) Rules, 1997Published vide Notification Gazette of India, Extraordinary, Part 2, Section 3(i), dated 14th February, 1997 (w.e.f. 1st August, 1994)

1930.

G.S.R. 77(E), dated 14th February, 1997 - In exercise of the powers conferred by Section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby makes the following rules in the matter of payment of gratuity to the Chairman and Managing Directors of the Life Insurance Corporation of India, namely :-

1. Short title and commencement.

(1)These Rules may be called the Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) Rules, 1997.
(2)They shall be deemed to have come into force on the 1st day of August, 1994.

2. Definitions.

(1)In these rules, unless the context otherwise requires-
(a)"Act" means the Life Insurance Corporation Act, 1956:
(b)"chairman" means Chairman of the Life Insurance Corporation appointed under Section 4 of the Act,
(c)"chairman and managing director" means Chairman and Managing Directors of the Life Insurance Corporation appointed under Section 20 of the Act.
(2)Words and expressions used and not defined in this rule but defined in the Life Insurance Corporation Act, 1956 shall have the same meanings respectively assigned to them in that Act.

3. Payment of gratuity to Chairman and Managing Director.

- A person who, immediately before the date of assuming office as the Chairman or the Managing Director as the case may be, was in the service of the Corporation shall be paid gratuity calculated in accordance with rule 9 of the Life Insurance Corporation of India Class-I Officers (Revision of Terms and Conditions of Service) Rules, 1985. The amount of gratuity so calculated shall not be less than the amount of gratuity such person would have been entitled to had he continued in the grade of Zonal Manager (Selection Grade), when the gratuity becomes due and payable to him.