Lawgist51Right to recover loans and advances
(1) The right to recover any loans or advances made before the appointed day by the existing State of Punjab to any local body, society, agriculturist or other person in an area within that State shall belong to the successor State in whose territories that area is included:
Provided that the right to recover loans or advances of pay and travelling allowance to a Government servant made before the appointed day by the existing State of Punjab shall pass to the successor State to which such Government servant is allotted.
(2) The right to recover any loans or advances made before the appointed day by the existing State of Punjab to any person or institution outside that State shall belong to the State of Punjab:
Provided that any sum recovered in respect of any such loan or advance shall be divided between all the successor States according to the population ratio.
Download our fully-offline, High speed android app.- Click here
- 47 Application of Part
- 48 Land and goods
- 49 Treasury and bank balances
- 50 Arrears of taxes
- 51 Right to recover loans and advances
- 52 Investments and credits in certain funds
- 53 Assets and liabilities of State undertakings
- 54 Public debt
- 55 Refund of taxes collected in excess
- 56 Deposits, etc
- 57 Provident fund
- 58 Pensions
- 59 Contracts
- 60 Liability in respect of actionable wrong
- 61 Liability as guarantor
- 62 Items in suspense
- 63 Residuary provision
- 64 Apportionment of assets or liabilities by agreement
- 65 Power of Central Government to order allocation or adjustment in certain cases
- 66 Certain expenditure to be charged on the Consolidated Fund
