Section 20 in Life Insurance Corporation General Rules, 1956
20. Vesting of the management of the affairs of the insurer in the persons entitled thereto. - As soon as the transfer in terms of rule 19 is effected, the Administrator shall by notice call upon the persons in charge of the management of the insurer immediately prior to the appointment of the Administrator to take charge of the management of any other kind of business not transferred to and vested in the Corporation and upon such notice being given, such persons shall take the management of that other kind of business.
