Additional Emoluments (Compulsory Deposit) Act : Transfer of establishments. Indian Bare Acts :

Additional Emoluments (Compulsory Deposit) Act,1974

Act No : 37

Section : Transfer of establishments.

13. Transfer of establishments. Where an employer, in relation to an establishment to which this Act applies, transfers that establishment in whole or in part by sale, gift or otherwise or grants any licence in respect of such establishment the employer and the person to whom the establishment is so transferred or the licence is so given shall be jointly and severally liable to credit to the appropriate Deposit Account or, as the case may be, remit to the nominated authority, the sums which are required by this Act to be so credited or remitted: Provided that the liability of the transferee or licensee shall be limited to the value of the assets obtained by him on such transfer or licence, as the case may be.