https://www.taxtmi.com/caselaws?id=188561 Deposits repayable only out of actuarial surplus remained enforceable after vesting because the contractual repayment obligation was a subsisting contingent liability. Under section 9(1) of the Life Insurance Corporation Act, 1956, that liability transferred to the Corporation as if it had been an original party to the contract. Section 28, which governs use of surplus arising from actuarial valuation, could not be read to defeat the express transfer of liabilities under section 9(1). The provisions were to be construed harmoniously, so section 28 did not bar payment of liabilities preserved by section 9(1). en-us Tue, 29 Sep 1964 00:00:00 +0530 Mon, 05 Dec 2016 18:29:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=188561 Deposits repayable only out of actuarial surplus remained enforceable after vesting because the contractual repayment obligation was a subsisting contingent liability. Under section 9(1) of the Life Insurance Corporation Act, 1956, that liability transferred to the Corporation as if it had been an original party to the contract. Section 28, which governs use of surplus arising from actuarial valuation, could not be read to defeat the express transfer of liabilities under section 9(1). The provisions were to be construed harmoniously, so section 28 did not bar payment of liabilities preserved by section 9(1). Case-Laws Indian Laws Tue, 29 Sep 1964 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=188561