Proceedings in case of inability or insolvency of promoter.

General195645 sections6 chapters

Inability or Insolvency of Promoter

Statutory text

(1) If, at any time after the opening of an aerial ropeway for public traffic, it appears to the State Government that the promoter is insolvent or is unable to maintain the aerial ropeway, or to work the same with advantage to the public or to work it at all, the State Government may declare that the powers of the promoter, in respect of such ropeway, shall, at the expiration of six months from the date of such declaration, be at an end; and thereupon the promoter shall, at the expiration of that period cease to exercise such powers.
(2) At any time after the expiration of the said period of six months, an officer appointed by the State Government in that behalf, may, notwithstanding anything contained in the Presidency-Towns Insolvency Act, 1909 (III of 1909), or the Provincial Insolvency Act, 1920 (V of 1920), remove the aerial ropeway in the same manner and subject to the same provisions as to the payment of costs and to the same remedy for the recovery thereof, in every respect, as in cases of removal under section 23.

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