50.
| (1) The Insurance Corporation Act, No. 2 of 1961, is hereby amended as follows: -
| | (a) in section 7 of that Act, by the substitution, in subsection (3) of that section, for the words " any new business of life ", of the words " any business of "; | | |
| | (b) by the repeal of section 10 of that Act and the substitution therefor of the following new section: -
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| | (c) by the repeal of section 15 of that Act; | | |
| | (d) in section 17 of that Act, by the substitution in subsection (1) of that section, for the word " ten ", of the word " twenty "; | | |
| | (e) in section 20 of that Act, by the substitution, for the words " and the reinsurance business,", of the words " and any other class of insurance business,"; | | |
| | (f) in section 26 of that Act by the omission of the words " and its reinsurance business "; and | | |
| | (g) by the insertion, immediately after section 33 of that Act, of the following new sections which shall have effect as section 33a and section 33b of that Act:
| | | 33A. All liabilities of the Corporation arising out of policies of insurance issued by or taken over by the Corporation, including in the case of life insurance policies the bonuses declared and payable by the Corporation, shall be guaranteed by the Government of Ceylon. |
| 33B. The Minister shall take steps to offer employment in the Corporation to persons who have been employed under insurers in Ceylon on July 31, 1963, and who have lost their employment due to retrenchment effected by such insurers by reason of such insurers not being able to transact any new business of general insurance on and after January 1, 1964.". |
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| (2) The amendments made in the Insurance Corporation Act, No. 2 of 1961, by subsection (1) of this section shall come into operation on the first day of January, 1964. |
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Sri Lanka Consolidated Acts