Section 3 in The Life Insurance Corporation Act, 1956
3. Establishment and incorporation of Life Insurance Corporation of India.
(1)With effect from such [date] [1.9.1956. ] 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.
