Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act : DISBURSEMENT OF AMOUNTS

Transformer and Switchgear Limited (Acquisition and Transfer of Undertakings) Act,1983

Act No : 41

Section : DISBURSEMENT OF AMOUNTS TO THE COMPANY

SECTION 22: DISBURSEMENT OF AMOUNTS TO THE COMPANY

(1) If, out of the monies paid to him in relation to the undertakings of the Company, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.

(2) Where the possession of any machinery, requirement or other property has vested in the Central Government or Andrew Yule under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central
Government or Andrew Yule to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the Company immediately be- fore the appointed day.