Lawgist.Download the App Now!
Get our Android app for fast and offline Access.
We heard you! Soon we are bringing you the biggest update yet with Updated & New acts, all Central and State acts, the Constitution of India, and a dedicated Mobile App! 🚀
(1) No provision of any law relating to the winding up of
companies or corporations shall apply to a Corporation, and no Corporation shall be placed in liquidation
save by order of the State Government concerned and save in such manner as may be directed by that
Government:
Provided that no such order shall be made by any State Government except with the previous
approval of the Central Government.
(2) In the event of a Corporation being placed in liquidation, the assets of the Corporation, after
meeting the liabilities, if any, shall be divided among the 1[State Government] and such other parties, if
any, as may have subscribed to the capital in proportion to the contribution made by each of them to the
total capital of the Corporation.
Download our fully-offline, High speed android app.- Click here
---
1. Subs. by Act 71 of 1971, s. 7_(a)_ and the First Schedule, for "Central and the State Government" (w.e.f. 3-9-1971).
---