Burn Company and Indian Standard Wagon Company (Nationalisation) Act : DISBURSEMENTS OF AMOUNTS TO THE TWO

Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976

Act No : 97

Section : DISBURSEMENTS OF AMOUNTS TO THE TWO COMPANIES

SECTION 22: DISBURSEMENTS OF AMOUNTS TO THE TWO COMPANIES

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

(2) Where the possession of any machinery, equipment or other property has vested in the Central Government or a Government company under this Act. but such machinery, equipment or other property does not belong to either of the two companies, it shall be lawful for the Central Government or the Government company to continue to posieu luch machinery' or equipment or other property on the same terms and conditions under which they were promised by either of, or both, the companies immediately before the 1st day of April, 1975.