law: Life Insurance Corporation Act, 1956 
  45. Special
  
  provisions regarding certain composite insurer.- 
  Notwithstanding
  
  anything contained in clause (c) of section 44, the Administrator appointed to
  
  manage the affairs of a composite insurer under the Insurance Act shall, as
  
  soon as may be practicable after the commencement of this Act, take steps in
  
  the prescribed manner,—
  a.     
  
    to
  
  transfer the assets and liabilities appertaining to the controlled business of
  
  the insurer, to the Corporation; and
  b.    
  
    to
  
  vest the management of the affairs of the insurer in respect of any kind of
  
  business, in the person entitled thereto.