Section 4(2) in The Life Insurance (Emergency Provisions) Act, 1956
(2)On the appointment of a Custodian under sub- section (1), all persons in charge of the management of the controlled business of the insurer for and on behalf of the Central Government immediately before such appointment shall cease to be in charge of such management and shall be bound to deliver to the Custodian all books of account, registers or other documents in their custody relating to the controlled business of the insurer.
