law: Life Insurance Corporation Act, 1956 
  Chapter II:
  
  Establishment of Life Insurance Corporation of India 
  3. Establishment and
  
  incorporation of Life Insurance Corporation of India.- 
  1.     
  
    With
  
  effect from such date {1st September, 1956, vide Notification No.S.R.O.1937,
  
  dated 30-8-1956, Gazette of India, Extraordinary, Pt. II, Sec.3, p.1799.} as
  
  the Central Government may, by notification in the Official Gazette, appoint,
  
  there shall be established a Corporation called the Life Insurance Corporation
  
  of India.
  2.     
  
    The
  
  Corporation shall be a body corporate having perpetual succession and a common
  
  seal with power subject to the provisions of this Act, to acquire, hold and
  
  dispose of property, and may by its name sue and be sued.