(1) The Central Government may, by notification in the Official Gazette make rules to carry out the purposes of this Act.

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(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for all or any of the following matters, namely:--

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(a) the term of office and the conditions of service of ¹[directors];

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²[(aa) the manner of disclosure of interest by a director under section 4B;

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(ab) the conditions subject to which the Board may consent to related party transactions under section 4C;

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(ac) the securities and instruments which may be issued under section 5;

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(ad) the manner of reservation in favour of life insurance policyholders and allotment against such reservation, in relation to a public issue, under clause (a) of sub-section (9) of section 5;]

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(b) the manner in which the moneys and other assets belonging to any such fund as is referred to in section 8 shall be apportioned between the trustees of the fund and the Corporation;

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(c) the services which the chief agent should have rendered for the purpose of the proviso to section 12;

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³[(cc) the terms and conditions of service of the employees ⁴*** of the Corporation, including those who became employees ⁴*** of the Corporation on the appointed day under this Act;]

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(d) the jurisdiction of the Tribunals constituted under section 17;

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(e) the manner in which, and the persons to whom, any compensation under this Act may be paid;

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(f) the time within which any matter which may be referred to a Tribunal for decision under this Act may be so referred;

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(g) the manner in which and the conditions subject to which investments may be made by the Corporation;

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(h) the manner in which an Employees and Agents Relations Committee may be constituted for each zonal office;

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⁵[(ha) the manner in which general meetings shall be held, and the business to be transacted and procedure to be followed thereat;

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(hb) the quorum for a general meeting, and the manner of holding the meeting if it could not be held for want of quorum and was adjourned under section 23A;

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(hc) the manner in which persons may attend a general meeting and exercise their vote;

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(hd) the manner in which notices may be served on behalf of the Corporation upon members or other persons;

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(he) the form and manner in which the financial statements referred to in sub-section (8) of section 24B may be issued, circulated or published;

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(hf) matters that may be prescribed under clause (n) of sub-section (1) of section 24C;

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(hg) the manner and procedure of selection and conditions of appointment of auditors under subsection (1) of section 25;

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(hh) the form in which an auditor who has resigned shall indicate the reasons and other facts relevant to the resignation under sub-section (2) of section 25A;

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(hi) the matters to be prescribed under clause (j) of sub-section (3) of section 25B;

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(hj) the duties and powers of the Corporations auditor with reference to the audit of a branch or office of the Corporation and the auditor thereof, under sub-section (6) of section 25B;

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(hk) the details, procedure and documents under sub-section (6) of section 28C.]

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(i) the form in which the report giving an account of the activities of the Corporation shall be prepared;

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(j) the conditions subject to which the Corporation may appoint employees;

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(k) the fees payable under this Act and the manner in which they are to be collected;

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(l) any other matter which has to be or may be prescribed;

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³[(2A) The regulations and other provisions as in force immediately before the commencement of the Life Insurance Corporation (Amendment) Act, 1981, with respect to the terms and conditions of service of employees and agents of the Corporation including those who became employees and agents of the Corporation on the appointed day under this Act, shall be deemed to be rules made under clause (cc) of sub-section (2) and shall, subject to the other provisions of this section, have effect accordingly.

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(2B) The power to make rules conferred by clause (cc) of sub-section (2) shall include--

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(i) the power to give retrospective effect to such rules; and

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(ii) the power to amend by way of addition, variation or repeal, the regulations and other provision refereed to in sub-section (2A), with retrospective effect,

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from a date not earlier than the twentieth day of June, 1979.

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(2C) The provisions of clause (cc) of sub-section (2) and sub-section (2B) and any rules made under the said clause (cc) shall have effect, and any such rule made with retrospective effect from any date shall also be deemed to have had effect from that date, notwithstanding any judgement, decree or order of any court, tribunal or other authority and notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or any other law or any agreement, settlement, award or other instrument for the time being in force.]

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⁶[(3) Every rule made by the Central Government under this Act shall be laid, as soon as may be after it is made, before each House of Parliament while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything preciously done under that rule.]

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