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The Insurance Corporations Act, 1973

( ACT NO. VI OF 1973 )

12. (1) Subject to the rules made under this Act, it shall be the function of-
(a) the Jiban Bima Corporation to carry on all kinds of life insurance and reinsurance business; and
(b) the Sadharan Bima Corporation to carry on all kinds of general insurance and reinsurance business, whether in or outside Bangladesh.
(2) Without prejudice to the generality of the foregoing provisions, every Corporation shall, in particular, have power-
(a) to acquire, hold and dispose of any property for the purpose of its business;
(b) to transfer the whole or any part of its insurance business carried on outside Bangladesh to any other person or persons, if in the interest of the Corporation it is expedient so to do;
(c) to carry on any other business which may seem to the Corporation to be capable of being conveniently carried on in connection with its business and calculated directly or indirectly to render profitable the business of the Corporation;
(d) to do all such things as may be incidental or conducive to the proper exercise of any of the powers of the Corporation.

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