The Gazette of India New Delhi Saturday August 12 1950

3. Transfer of assets and liabilities of the transferor company to the transferee company.—All the assets and liabilities of the transferor copany which relate to or arise out of the life insurance business of the transferor company carried on immediately before the commencement of this Act by Messrs. [...] 2] THE GAZETTE OF INDIA AUGUST 12 1950 307 against the transferee company except on the basis of an actuarial valation of the business of the transferor company made after the comencement of this Act and to the extent if any that may be redbmmened by the actuary. [...] 1684(23)- W/41 of the Government of India in the Commerce Department dated the 27th day of June 1942 the transferee company shall be liable to make good in respect of every policy of life insurance which had fallen due for payment before the commencement of this Act the difference between the amounts actually paid to the holder thereof by or on behalf of the transferor company in pursuance of t [...] 3. Custody of the Contingency Fund and withdrawals therefrom.—The Contingency Fund of India shall be held on behalf of the President by a Secretary to the Government of India in the Ministry of Finance and no advances shall be made out of such Fund except for the purposes of mee*The Pre-ident has in pursuan-e of clause (1) of a-ticle 117 of the Constitution of India recommended the introduct [...] STATEMENT OF OBJECTS AND REASONS Pursuant to articles 267(1) and 283(1) of the Constitution this Bill seeks to provide for the establishment of the Contingency Fund of India and for the custody of the payment of moneys into and the withdrawal of moneys from such Fund.