Section 3 in The Allianz Und Stuttgarter Life Insurance Bank (Transfer) Act, 1950
3. Transfer of assets and liabilities of the transferor company to the transferee company.
All the assets and liabilities of the transferor company which relate to or arise out of the life insurance business of the transferor company carried on immediately before the commencement of this Act by Messrs. A. F. Ferguson & Company, Chartered Accountants of Bombay, under the Defence of India Rules shall, by virtue of this Act, stand transferred to and vest in the transferee company, subject to the provisions of this Act and to the terms and conditions specified in the First Schedule.
