(1.) On 01.01.1976 the Armed Forces constituted a society known as Army Group Insurance Fund (hereinafter referred to as the AGIF') and registered the same under the Societies Registration Act 1908. The principal object of the fund was to cater to the socio-economic needs of the Army Personnel and their families by providing an insurance cover.
(2.) In the year 1982, Army Group Insurance Fund Rules (hereinafter referred to as the AGIF Rules') were notified. The Preamble whereof reads as under:-
(3.) In the year 1984 the Army Group Insurance Fund ByeLaws were notified. Chapter-II of the Bye-Laws are relevant for the present decision and hence we note the same, as under:-