JUDGMENT - Padhye, J.

1-13.

14. According to the learned counsel for the plaintiff-appellant, the policy in this case was effected on the 30th of July, 1956 when the proposal was accepted by the Insurance Company and in any case not later than 4th of August. 1956 when the payment of the first premium was received by the Companys Bombay Office. On the other hand, the learned counsel for the defendant-Corporation contends that the policy must be taken to have been effected on 22-10-1956 when the document of policy was issued by the Indian Mercantile Insurance Company Limited (Ex. P. 16). We have been referred first to the words in Section 45 itself which relate the word effected to the word policy. It is stated that the word policy used in Section 45 means a document of policy issued formally as in Ex. P16 and since such policy in the present case has been issued on 22-10-1956 that must be taken to be the date on which the policy has been effected. Secondly, we were referred to Section 66, Sub-section (b) of the Stamp Act which uses the words "makes, executes or delivers out any policy which is not duly stamped." We are unable to read in Section 45 of the Insurance Act that the word "

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