Notification under section 50 of the life insurance corporation act

Notification under section 50 of the Life Insurance Corporation Act, 1956 regarding the Form, manner, etc., for companies to apply with modifications.

S.O. 995(E).—In exercise of the powers conferred by section 50 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government hereby notifies that the form, manner, period and details prescribed in respect of declaration to be made and particulars to be included in the register to be maintained under the Companies Act shall apply to the Corporation under section 5C of the Act with the following modifications, exceptions and conditions, namely:—

1. Declaration by registered holder of shares who does not hold beneficial interest in such shares.—
   (1) A person whose name is entered in the register of members of the Corporation as the holder of shares in the Corporation but who does not hold beneficial interest in such shares shall, within a period of thirty days from the date on which the name of such person is entered in that register, make a declaration in Form I, referred to in sub-section (1) of section 5C of the Act.
   (2) Where any change occurs in the beneficial interest in shares of the Corporation, the person referred to in subparagraph (1) shall, within a period of thirty days from the date of such change, make a declaration in Form I, referred to in sub-section (3) of section 5C of the Act.
   (3) The Corporation shall, within thirty days of receipt of a declaration under sub-paragraph (1) or sub-paragraph (2), enter the details contained therein in the register of members, and issue an acknowledgment in Form II.
   
2. Declaration by beneficial owner who holds or acquires beneficial interest in shares but whose name is not entered in register of members.—
   (1) Every person who holds or acquires beneficial interest in shares of the Corporation shall, within a period of thirty days from the date on which he acquires such beneficial interest in shares of the Corporation, make a declaration in Form III, referred to in sub-section (2) of section 5C of the Act.
   (2) Where any change occurs in the beneficial interest in shares of the Corporation, the person referred to in subparagraph (1) shall, within a period of thirty days from the date of such change, make a declaration in Form III, referred to in sub-section (3) of section 5C of the Act.
   (3) The Corporation shall, within thirty days of receipt of a declaration under sub-paragraph (1) or sub-paragraph (2), enter the details contained therein in the register of members, and issue an acknowledgment in Form II.
   
3. Declaration by beneficial owner who holds or acquires significant beneficial ownership in shares.—
   (1) Every individual who is a significant beneficial owner as referred to in sub-section (6) of section 5C of the Act shall, within a period of ninety days from the date of publication of this notification, make a declaration in Form IV .
   (2) Every individual who acquires the beneficial interest or rights referred to in sub-section (6) of section 5C of the Act, or the nature of whose interest and other particulars specified in a declaration made under sub-paragraph (1) undergo a change shall, within a period of thirty days from the date of such acquisition or change, make a declaration in Form IV.
   (3) The Corporation shall, within thirty days of receipt of a declaration under sub-paragraph (1) or sub-paragraph (2), enter the details contained therein in the register to be maintained under sub-section (7) of section 5C of the Act, and issue an acknowledgment in Form II.
   
4. Register.—The Corporation shall maintain the register referred to in sub-section (7) of section 5C of the Act in Form V.

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