Section 6Powers of the Board

s. 6

6. Powers of the Board The Board shall have power- (a) to settle claims for insurance sums assured under this Ordinance and all matters connected with such claims; (b) to do or causes to be done all acts and things necessary for the proper administration and management of the moneys or properties of the Insurance Fund; (c) to sanction expenditure connected with the administration and management of the Insurance Fund; (d) to make arrangement for the insurance of the life of the Railway Servants to give effect to the provisions of this Ordinance; (e) to invest moneys held in the Insurance Fund in any profitable ventures with the prior approval of the [Government]; (f) to appoint or employ such persons as it considers necessary for the efficient performance of its functions on such terms and conditions as it may, subject to rules, determine; and (g) to do or cause to be done all things ancillary or incidental to any of the aforesaid powers or to the purposes of the Insurance Fund.

1. 12. The word “Government” was substituted for the words “Railway Board” by section 6 of the Eastern Railway Servants Group Insurance (Amendment) Act, 1991 (Act No. V of 1991)