section 3
Transfer and vesting in Corporation of the sugar undertakings of the Company
The Bobbili and Seethanagaram (Acquisition and Transfer of Sugar Undertakings) Act, 1986General198625 sections
Statutory text
- (1) On the appointed day, the sugar undertakings of the Company and the right, title and interest of the Company in relation to its sugar undertakings shall, by virtue of this Act stand transferred to, and vest in, the Government free from any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation attaching to the sugar undertakings: Provided that any such debt, mortgage, charge or other encumbrance or lien, trust or similar obligation shall attach to the amount referred to in section 8, in accordance with the provisions of that section in substitution for the sugar undertakings: . Provided further that a debt, mortgage, charge or other encumbrance or lien, trust or similar obligation created after the sugar undertakings or any property or asset comprised therein had been attached, or a receiver appointed over it, in any proceedings for realisation of any tax or cess or other dues recoverable as arrears of revenue shall be void.
- (2) Notwithstanding anything contained in sub-section (1), the Government may, subject to such terms and conditions as they may think fit to impose, direct by notification, that the sugar undertakings of the Company and the right, title and interest in relation to their respective undertakings which have vested in the Government under sub-section
- (1) together with the liabilities, if any for the post take over period shall, instead of continuing to vest in the Government, vest in the Corporation either from the date of notification or on such earlier or later date(not being a date earlier than the appointed day) as may be specified in the notification.
- (3) On and from the date of vesting in the corporation of the right, title and interest and the liability under sub-section (2), the Corporation shall be deemed to have become the owner of the sugar undertakings, and all the rights, titles, interests and liability of the Government in relation to the sugar undertakings shall on and from the appointed day, be deemed to have become the rights, titles, interests and liability of the Corporation.
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