LawgistThe Air Corporations (Transfer of Undertakings and Repeal) Act
7Guarantee to be operative
Any guarantee given for or in favour of a corporation with respect to any loan or lease finance shall continue to be operative in relation to the company in which the undertaking of that corporation has vested by virtue of this Act.
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All sections
- 1 Short title and commencement
- 2 Definitions
- 3 Undertakings of corporations to vest in companies
- 4 General effect of vesting of undertakings in the companies
- 5 Licences, etc., to be deemed to have been granted to companies
- 6 Tax exemption or benefit to continue to have effect
- 7 Guarantee to be operative
- 8 Provisions in respect of officers and other employees of corporations
- 9 Power of Central Government to give directions
- 10 Power to remove difficulties
- 11 Repeal of Act 27 of 1953 and cesser of corporations
- 12 Repeal and saving
