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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

General direction
6. (1) Subject to rules made under this Act, the general direction and administration of the affairs and business of each Corporation shall vest in a Board of Directors which may exercise all powers and do all acts and things which may be exercised or done by the Corporation.
(2) Each Board in discharging its functions shall act on commercial considerations having due regard to public interest generally.
(3) Each Board shall be guided on questions of policy by such general or special instructions as may be given to it by the Government from time to time and, if any question arises as to whether any question is a question of policy or not, the decision of the Government shall be final.

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