law: Life Insurance Corporation Act, 1956 
  Chapter IV: Transfer
  
  of Existing Life Insurance Business to the Corporation 
  7. Transfer of assets
  
  and liabilities of existing insurers carrying on controlled business.- 
  1.     
  
    On
  
  the appointed day there shall be transferred to and vested in the Corporation
  
  all the assets and liabilities appertaining to the controlled business of all
  
  insurers.
  2.     
  
    The
  
  assets appertaining to the controlled business of an insurer shall be deemed to
  
  include all rights and powers, and all property, whether movable or immovable,
  
  appertaining to his controlled business, including, in particular, cash
  
  balances, reserve funds, investments, deposits and all other interests and
  
  rights in or arising out of such property as may be in the possession of the
  
  insurer and all books of account or documents relating to the controlled
  
  business of the insurer; and liabilities shall be deemed to include all debts,
  
  liabilities and obligations of whatever kind then existing and appertaining to
  
  the controlled business of the insurer.
  Explanation.-  The expression
  
  "assets appertaining" to the controlled business of an insurer"—
  a.      in relation to a
  
  composite insurer, includes that part of the paid-up capital of the insurer or
  
  assets representing such part which has or have been allocated to the
  
  controlled business of the insurer in accordance with the rules made in this
  
  behalf;
  b.     in relation to a
  
  Government, means the amount lying to the credit of that business on the
  
  appointed day.
  1.     
  
  
  2.     
  
  
  3.     
  
    Where
  
  any such assets are subject to any trust referred to in sub-section (6) of
  
  section 27 of the Insurance Act or to any other trust for the benefit of
  
  policy-holders, the assets shall be deemed to have vested in the Corporation
  
  free from any such trust.