In the Life Insurance Corporation Act, 1956 (hereinafter in this Part referred to as the principal Act), in section 2,—(i)after clause (1), the following clauses shall be inserted, namely:—‘(1a) “Audit Committee” means the Committee constituted under section 19C;(1b)“Board of Directors” or “Board” means the collective body of the directors appointed or nominated or deemed as such under section 4;(1c)“Chairperson” means the Chairperson referred to in clause (a) of sub-section (2) of section 4;(Id)"Chief Executive" means,-(i)During the initial period, the Chairperson referred to in sub-clause (i) of clause (a) of sub-section (2) of section 4;(ii)after the initial period, the Chief Executive Officer and Managing Director;(le)"Chief Executive Officer and Managing Director" means the Chief Executive Officer and Managing Director referred to in clause (h) of sub-section (2) of section 4;(1f)"Companies Act" means the Companies Act, 2013;(Ig)"court" means "Court" as defined in clause (29) of section 2 of the Companies Act, 2013;';(ii)after clause ( 4), the following clauses shall be inserted, namely:-'(4a) "director" means a director appointed or nominated or deemed as such under section 4;(4b)"financial statement", in relation to the Corporation, includes-(i)a balance-sheet as at the end of the financial year;(ii)a profit and loss account for the financial year;(iii)cash flow statement for the financial year;(iv)a statement of changes in equity, if applicable; and(v)any explanatory note annexed to, or forming part of, any document referred to in sub-clause (i) to sub-clause (iv);(4c)“fully diluted basis” shall mean, in relation to the percentage holding of the Central Government on such basis, the total number of shares held by the Central Government expressed as a percentage of the total number of shares of the Corporation that would be outstanding if all possible sources of conversion are exercised;(4d)“independent director” means an independent director referred to in clause (f) of sub-section (2) of section 4;’;(4e)"initial period" means the period of three years reckoned from the date on which the provisions of section 121 of the Finance Act, 2021 shall come into force;'.(iii)after clause (6), the following clause shall be inserted, namely :-'(6a) "Managing Director" means a Managing Director referred to in clause (c) of sub-section (2) of section 4;';(iv)for clause (7), the following clauses shall be substituted, namely:-'(7) "member" means every person holding shares of the /O Corporation and whose name is entered in .the register of members maintained under clause (a) ofsub-section(J) of section SB;(7a)"Nomination and Remuneration Committee" means the Committee constituted under section l9B;(7b)"notification" means a notification published in the Official Gazette, and the expression "notify" shall be construed accordingly;';(v)after clause (8), the following clause shall be inserted, namely:-'(8a) "special resolution" means a resolution for which the intention to propose the same as a special resolution has been duly specified in the notice given to members for calling a general meeting, and the votes cast in favour of the resolutionby members are not less than three limes the number of votes, if any, cast against the resolution;';(vi)for clause (10), the following clause shall be substituted, namely:-"(10) unless there is anything repugnant in the subject or context, all the words and expressions used herein but not defined and defined in the Insurance Act, 1938 or in the Companies Act, 2013 shall have the meanings respectively assigned to them in the said Acts.".
