Section 27 in Life Insurance Corporation of India (Staff) Rules, 1960
27. Private Trading.
(1)No employee or class of employee shall, except with the approval of the [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).], engage directly or indirectly in any trade or business.(2)No employee shall, except with the previous sanction of the [Board] [Substituted 'Corporation' by Notification No. G.S.R. 481(E), dated 7.7.2021 (w.e.f. 23.7.1960).], take part in the registration, promotion or management of any bank or other company registered under the Indian Companies Act or any other law for the time being in force.[Provided that an employee may take part in the registration, promotion or management of Cooperative Societies under Co-operative Societies Act or any other law for the time being in force, which have been formed mainly by the employee of the Corporation and for their benefit] [Notified in Gazette of India, Part-III Section 4 dated 7.8.1971.]
