Actuarial Society becomes Institute of Actuaries of India
“Actuarial Society” means the Actuarial Society of India registered under the Societies Registration Act, 1860 (21 of 1860) and the Bombay Public Trusts Act, 1950 (Bombay Act No. XXXIX of 1950);
- Dissolution of Actuarial Society of India .—On the appointed day,—
(a) the society known as the Actuarial Society of India registered under the Societies Registration Act, 1860 (21 of 1860) and the Bombay Public Trusts Act, 1950 (Bombay Act XXXIX of 1950) shall stand dissolved and thereafter no person shall make, assert or take any claims or demands or proceedings against the dissolved society or against any officer thereof in his capacity as such officer except in so far as may be necessary, for enforcing the provisions of this Act;
(b) the right of every Member to, or in respect of, the dissolved society shall be extinguished, and thereafter no Member of the society shall make, assert or take any claims or demands or proceedings in respect of that society except as provided in this Act.
3. Incorporation of Institute .—(1) With effect from such date as the Central Government may, by notification in the Official Gazette, appoint, all persons whose names are entered in the register of the Actuarial Society at the commencement of this Act and all persons who may thereafter have their names entered in the register to be maintained under this Act, so long as they continue to have their names borne on the register, are hereby constituted a body corporate by the name of the Institute of Actuaries of India and all such persons shall be known as Members of the Institute.
(2) The Institute shall have perpetual succession and a common seal and shall have power to acquire, hold and dispose of property, both movable and immovable, and shall by its name sue or be sued.
(3) The head office of the Institute shall be situated at such place as may be decided by the Central Government.
The Institute has been managed by a Council of 12 persons u/s 12
Actuaries Act, 2006
Categories: Statutory definitions