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All liabilities of the existing State of Andhra Pradesh in respect of any floating
loan to provide short term finance to any local body, body corporate or other institution, shall be
determined on the following basis, namely:––
(a) if, the purposes of the floating loan are, on and from the appointed day, exclusive purposes of
either of the successor States, then, of that State;
(b) in any other case, it shall be divided on the basis of population ratio.
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