Lawgist23Disbursement of amounts to the Company
(1) If out of the monies paid to him in relation to any undertaking owned by the Company there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.
(2) Where the possession of any machinery, equipment or other property has vested in the Central Government or any existing, or new, Government company under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government or, as the case may be, the existing, or new, Government company, to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the Company, immediately before the appointed day.
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- 1 Short title and commencement
- 2 Definitions
- 3 Transfer to, and vesting in, the Central Government of the undertakings of the Company
- 4 General effect of vesting
- 5 Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
- 6 Transfer of undertakings of the Company from an existing Government company to a new Government company
- 7 Company to be liable for certain prior liabilities
- 8 Payment of amount
- 9 Payment of further amount
- 10 Management, etc., of the undertakings of the Company
- 11 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
- 12 Duty of persons to account for assets, etc., in their possession
- 13 Continuance of employees
- 14 Provident fund and other funds
- 15 Appointment of Commissioner of Payments
- 16 Payment by the Central Government to the Commissioner
- 17 Certain powers of the Central Government or Government company
- 18 Claims to be made to the Commissioner
- 19 Priority of claims
- 20 Examination of claims
- 21 Admission or rejection of claims
- 22 Disbursement of money by the Commissioner
- 23 Disbursement of amounts to the Company
- 24 Undisbursed or unclaimed amount to be deposited with the general revenue account
- 25 Act to have overriding effect
- 26 Assumption of liability
- 27 Management to continue to vest in the Custodian until alternative arrangements have been made
- 28 Contracts to cease to have effect unless ratified by the Central Government or the Government company
- 29 Penalties
- 30 Offences by companies
- 31 Protection of action taken in good faith
- 32 Delegation of powers
- 33 Power to make rules
- 34 Power to remove difficulties
- 35 Repeal and saving
