law: Life Insurance Corporation Act, 1956 
  4. Constitution of
  
  the Corporation.- 
  1.     
  
    The
  
  Corporation shall consist of such number of persons not exceeding fifteen as
  
  the Central Government may think fit to appoint thereto and one of them shall
  
  be appointed by the Central Government to be the Chairman thereof.
  2.     
  
    Before
  
  appointing a person to be a member, the Central Government shall satisfy itself
  
  that that person will have no such financial or other interest as is likely to
  
  affect prejudicially the exercise or performance by him of his functions as a
  
  member, and the Central Government shall also satisfy itself from time to time
  
  with respect to every member that he has no such interest; and any person who
  
  is, or whom the Central Government proposes to appoint and who has consented to
  
  be, a member shall, whenever required by the Central Government so to do,
  
  furnish to it such information as the Central Government considers necessary
  
  for the performance of its duties under this sub-section.
  3.     
  
    A
  
  member who is in any way directly or indirectly interested in a contract made
  
  or proposed to be made by the Corporation shall as soon as possible after the
  
  relevant circumstances have come to his knowledge, disclose the nature of his
  
  interest to the Corporation and the member shall not take part in any
  
  deliberation or discussion of the Corporation with respect to that contact.