law: Life Insurance Corporation Act, 1956 
  Chapter III:
  
  Functions of the Corporation 
  6. Functions of the
  
  Corporation.- 
  
  1.     
  
    Subject,
  
  to the rules, if any, made by the Central Government in this behalf, it shall
  
  be the general duty of the Corporation to carry on life insurance business,
  
  whether in or outside India, and the Corporation shall so exercise its powers
  
  under this Act as to secure that life insurance business is developed to the
  
  best advantage of the community.
  2.     
  
    Without
  
  prejudice to the generality of the provisions contained in sub-section (1) but
  
  subject to the other provisions contained in this Act, the Corporation shall
  
  have power—
  a.      to carry on capital
  
  redemption business, annuity certain business or reinsurance business in so far
  
  as such reinsurance business appertains to life insurance business;
  b.     subject to the rules,
  
  if any, made by the Central Government in this behalf, to invest the funds of
  
  the Corporation in such manner as the Corporation may think fit and to take all
  
  such steps as may be necessary or expedient for the protection or realisation
  
  of any investment; including the taking over of and administering any property
  
  offered as security for the investment until a suitable opportunity arises for
  
  its disposal;
  c.      to acquire, hold and
  
  dispose of any property for the purpose of its business;
  d.     to transfer the whole
  
  or any part of the life insurance business carried on outside India to any
  
  other person or persons, if in the interest of the Corporation it is expedient
  
  so to do;
  e.      to advance or lend
  
  money upon the security of any movable property or otherwise;
  f.      to borrow or raise
  
  any money in such manner and upon such security as the Corporation may think
  
  fit;
  g.     to carry on either by
  
  itself or through any subsidiary any other business in any case where such
  
  other business was being carried on by a subsidiary of an insurer whose
  
  controlled business has been transferred to an vested in the Corporation under
  
  this Act;
  h.      to carry on any other
  
  business which may seen to the Corporation to be capable of being conveniently
  
  carried on in connection with its business and calculated directly or
  
  indirectly to render profitable the business of the Corporation;
  i.       To do all such things
  
  as may be incidental or conducive to the proper exercise of any of the powers
  
  of the Corporation.
  1.     
  
  
  2.     
  
  
  3.     
  
    In
  
  the discharge of any of its functions the Corporation shall act so far as may
  
  be on business principles