Orphanages and Other Charitable Homes (Supervision and Control) Act : Floating Debt. Indian Bare Acts

Orphanages and Other Charitable Homes (Supervision and Control) Act,1960

Act No : 10

Section : Floating Debt.

55. Floating Debt. (1) The liability of the State of Bombay in respect of any floating debt of a Merged State shall be the liability of the State in whose territories the area of the Merged State is included on the appointed day. (2) The liability of the State of Bombay in respect of any other floating loan to provide short-term finance to any commercial undertaking shall be the liability of the State in whose territories the undertaking is located.