Assumption of liability

General198625 sections

Statutory text

(1) Where any liability of the Company arising out of any item specified in any category in parts I and II or category VI in Part III of the Second Schedule is not discharged fully by the prescribed authority out of the amounts deposited with it under this Act the prescribed authority shall intimate in writing to the Government the extent of the liability which remains undischarged and that liability shall be assumed by the Government.
(2) The Government may, by order, direct the Corporation to take over the liability assumed by the Government under sub-section (1), and on receipt of such direction, it shall be the duty of the Corporation to discharge such liability.

Study data processing for this section.

PDF: pending for this language.