law: Life Insurance Corporation Act, 1956 
  12. Transfer of
  
  services of existing employees of chief agents of insurers to the Corporation
  
  in certain cases.- 
  Subject to such rules
  
  as the Central Government may make in this behalf, every whole-time salaried
  
  employee of a chief agent of an insurer whose controlled business has been
  
  transferred to and vested in the Corporation and,—
  a.     
  
    who
  
  was employed by the chief agent wholly or mainly in connection with the
  
  controlled business of the insurer;
  b.    
  
    whose
  
  salary on the appointed day did not exceed five hundred rupees per mensem; and
  c.     
  
    who
  
  was in the employment of the chief agent for a continuous period of not less
  
  than one year immediately before the appointed day; shall, on and from the
  
  appointed day, become, an employee of the Corporation and the provisions of
  
  section 11 shall, so far as may be apply in relation to such employee as they
  
  apply in relation to such employee as they apply in relation to a whole-time
  
  employee of the insurer;
  Provided
  
  that  
  
  this section shall not apply except in cases where the chief agent of the
  
  insurer was required under the terms of his contract with the insurer to render
  
  the prescribed services to policy holders of the insurer.
  Explanation.—  In the case of a
  
  whole-time salaried employee of a chief agent who has been retrenched by the
  
  chief agent on or after the 19th day of January, 1956 the provisions of this
  
  section shall apply as if for the words "the appointed day" the words
  
  and figures 'the 19th day of January, 1956' had been substituted.