Transfer of assets and liabilities

Environmental198557 sections

Statutory text

(1) On the commencement of this Act, the assets and liabilities of the existing Solan Agricultural Complex of the Himachal Pradesh Krishi Vishva Vidyalaya shall stand transferred to and shall vest in the University incorporated under this Act for all intents and purposes.
(2) The cash balance whether in the form of cash, bank or security deposits and reserve funds held by the Himachal Pradesh Krishi Vishva Vidyalaya for its Solan Agricultural Complex shall stand transferred to the University incorporated under this Act immediately after the commencement of this Act.
(3) Every contract made by the Himachal Pradesh Krishi Vishva Vidyalaya for Solan Agricultural Complex, before the commencement of this Act, shall, if subsisting at such commencement, be deemed to have been made by the University incorporated under this Act.
(4) The provident fund and accounts thereto of every official or other employees of the Himachal Pradesh Krishi Vishva Vidyalaya Solan Agricultural Complex shall stand transferred to the University incorporated under this Act in which he has been posted on the commencement of this Act.

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