Futwah-Islampur Light Railway Line (Nationalisation) Act : DUTY OF PERSONS TO ACCOUNT FOR ASSETS, ETC., IN

Futwah-Islampur Light Railway Line (Nationalisation) Act,1985

Act No : 83

Section : DUTY OF PERSONS TO ACCOUNT FOR ASSETS, ETC., IN THEIR POSSESSION

SECTION 09: DUTY OF PERSONS TO ACCOUNT FOR ASSETS, ETC., IN THEIR POSSESSION

(1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents or other papers relating to the undertakings owned by the Company which have vested in the Central Government and which belong to the Company, or would have so belonged, if the undertakings owned by the Company had not vested in the Central Government, shall be liable to account for the said assets, books, documents and other papers to the Central Government and shall deliver them up to the Central Government or to such person or persons as the Central Government may specify in this behalf.

(2) The Central Government may take or cause to be taken all necessary steps for securing possession of the undertakings of the Company which have vested in the Central Government under this Act.

(3) The Company shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under Section 3-and, for this purpose, the Central Government shall afford to the Company all reasonable facilities.