Payment of gratuity to the chairman and managing directors: LIC
Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021- NOTIFICATION
G.S.R. 478(E).— In exercise of the powers conferred by section 48 of the Life Insurance Corporation Act, 1956 (31 of 1956), the Central Government, hereby makes the following rules further to amend the Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) Rules, 1997, namely:—
- Short title and commencement.—
(1) These rules may be called the Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) (Amendment) Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette. - In the Life Insurance Corporation of India (Payment of Gratuity to the Chairman and Managing Directors) Rules, 1997,—
(a) in rule 1, in sub-rule (1), for the word “Chairman”, the word “Chief Executive” shallbe substituted;
(b) in rule 2, in sub-rule (1),—
(i) in clause (a), for the word “act”, the word “Act” shall be substituted;
(ii) in clause (b), for the word “Chairman” at both places, the word “Chief Executive” shall be substituted;
(iii) for clause (c), the following clause shall be substituted, namely:—
„(c) “Chief Executive and Managing Director” means the Chief Executive Officer and Managing Director appointed by the Central Government under section 4 of the Act”;
(c) in rule 3, for the word “Chairman”, the word “Chief Executive” shall be substituted;
(d) in the EXPLANATORY MEMORANDUM, in item 1, for the word “Chairman”, the word “Chief Executive” shall be substituted.
Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number G.S.R.77(E) dated 14th February, 1997 and subsequently amended vide G.S.R. No. 593 (E) dated 14th August, 2001 and G.S.R. No.631 dated 22.09.2004.
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