Bengal Bonded Warehouse Association Act : Division of property on dissolution Indian Bare Acts :

Bengal Bonded Warehouse Association Act,1838

Act No : 5

Section : Division of property on dissolution

39. Division of property on dissolution.--1* Whenever the dissolution of the said Association shall be ordered either by the 2 *[Central Government], or by a vote of the said Association, the Directors of the said Association shall cause all the property of the said Association to be converted into money, and shall divide whatever surplus may remain after satisfying the debts of the said Association among the proprietors in proportion to the shares which the proprietors have in the Capital Stock of the said Association; and after such distribution the said Association shall forthwith be dissolved. ---------------------------------------------------------------------- 1. The words "And it is hereby enacted, that" omitted by Act 12 of 1891, s. 2 and Sch. I, 2. Subs. by the A.O. 1937, for "Governor General of India in Council". 9