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of <h1>Finance Act 2021 Updates LIC Act: Protects Board Actions Amid Vacancies, Grants Immunity for Good Faith Actions</h1> Sections 46 and 47 of the Life Insurance Corporation Act, 1956, have been replaced by new provisions under the Finance Act, 2021. Section 46 ensures that acts or proceedings of the Corporation, its Board, or Committees are not invalidated due to vacancies or defects in their constitution. It also protects acts by directors even if their appointment is later found invalid, unless the invalidity is recognized. Section 47 provides immunity to directors and employees from legal proceedings for actions done in good faith under the Act. Non-whole-time directors are liable only for acts they knowingly consented to or neglected.
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