Lawgist52Liability as guarantor
Where, immediately before the appointed day, the existing State of Madhya Pradesh is liable as guarantor in respect of any liability of a registered co-operative society or other person, that liability of the existing State of Madhya Pradesh shall—
(a) if the area of operations of such society or persons is limited to the territories which, as from that day, are the territories of either of the States of Madhya Pradesh or Chhattisgarh, be a liability of that successor State; and
(b) in any other case, be initially a liability of the State of Madhya Pradesh, subject to such financial adjustment as may be agreed upon between the States of Madhya Pradesh and Chhattisgarh or, in default of such agreements, as the Central Government may, by order, direct.
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- 37 Application of Part
- 38 Land and goods
- 39 Treasury and bank balances
- 40 Arrears of taxes
- 41 Right to recover loans and advances
- 42 Investments and credits in certain funds
- 43 Assets and liabilities of State undertaking
- 44 Public Debt
- 45 Floating loans
- 46 Refund of taxes collected in excess
- 47 Deposits, etc
- 48 Provident fund
- 49 Pensions
- 50 Contracts
- 51 Liability in respect of actionable wrong
- 52 Liability as guarantor
- 53 Items in suspense
- 54 Residuary provision
- 55 Apportionment of assets or liabilities by agreement
- 56 Power of Central Government to order allocation or adjustment in certain cases
- 57 Certain expenditure to be charged on Consolidated Fund
