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| Home > Indian Bare Acts > THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 > CHAPTER III TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY |
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| THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999 |
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Title : THE INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY ACT, 1999
Year : 1999
Act :
CHAPTER III
TRANSFER OF ASSETS, LIABILITIES, ETC., OF INTERIM INSURANCE REGULATORY AUTHORITY
13.Transfer of assets, liabilities, etc., of Interim InsuranceRegulatory Authority.
13. Transfer of assets, liabilities, etc., of Interim Insurance
Regulatory Authority.-On the appointed day,-
(a) all the assets and liabilities of the Interim Insurance Regulatory
Authority shall stand transferred to, and vested in, the Authority.
Explanation.-The assets of the Interim Insurance Regulatory Authority shall be deemed to include all rights and powers, and all properties, whether movable or immovable, including, in particular, cash balances, deposits and all other interests and rights in, or arising out of, such properties as may be in the possession of the Interim Insurance
Regulatory Authority and all books of account and other documents relating to the same; and liabilities shall be deemed to include all debts, liabilities and obli ations of whatever kind;
(b) without prejudice to the provisions of clause (a), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Interim
Insurance Regulatory Authority immediately before that day, for or in connection with the purpose of the said Regulatory Authority, shall be deemed to have been incurred, entered into or engaged to be done by, with or for, the Authority;
(c) all sums of money due to the Interim Insurance Regulatory
Authority immediately before that day shall be deemed to be due to the
Authority; and
(d) all suits and other legal proceedings instituted or which could have been instituted by or against the Interim Insurance Regulatory
Authority immediately before that day may be continued or may be instituted by or against the Authority.
CHAP
DUTIES, POWERS AND FUNCTIONS OF AUTHORITY
Last updated on February, 2008
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