LIC Act 20Chapter V · Management
Section 20 · Managing Directors
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1[20. Chief Executive and Managing Directors.(1) The Chief Executive shall, subject to the
superintendence, control and direction of the Board, be entrusted with substantial powers of management
in respect of the whole of the affairs of the Corporation.
(2) The Chief Executive shall also perform such other duties in relation to the affairs of the Corporation as the Board may entrust to him from time to time and shall, for this purpose, exercise such powers as may be conferred upon him by the Board:
Provided that the Board may also empower the Chief Executive to entrust or delegate such of his duties and powers, as it may deem fit.
(3) Every Managing Director, subject to the general control of the Chief Executive, shall perform such duties and exercise such powers as may be entrusted or delegated to him by the Board or, under subsection (2), by the Chief Executive.]
(2) The Chief Executive shall also perform such other duties in relation to the affairs of the Corporation as the Board may entrust to him from time to time and shall, for this purpose, exercise such powers as may be conferred upon him by the Board:
Provided that the Board may also empower the Chief Executive to entrust or delegate such of his duties and powers, as it may deem fit.
(3) Every Managing Director, subject to the general control of the Chief Executive, shall perform such duties and exercise such powers as may be entrusted or delegated to him by the Board or, under subsection (2), by the Chief Executive.]
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