Question

Life insurance corporation of India isa corporate autonomous body.It has been established

by enactment of LIC Act,1956.The act prescribes its powers, duties and functions.Being a

body corporate,it has separate legal entity, perpetual succession and common seal.It can

sue be sued,can enter into contracts, acquire property in its own name.It is wholly owned by

government and entire equity capital is in the government's name​

Answer 1

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