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Bare Act

The Presidency-Towns Insolvency (Bombay Amendment) Act, 1933

Corporate193312 sections

The Presidency-towns Insolvency (Bombay Amendment) Act, 1933, is a procedural statute that modifies the application of the Presidency-towns Insolvency Act, 1909, specifically within the jurisdiction of Greater Bombay. Its primary purpose is to streamline the administration of insolvency proceedings by granting the Official Assignee the status of a "corporation sole," thereby ensuring perpetual succession and legal standing. The Act also clarifies the financial liability of the State Government regarding the Official Assignee’s actions, mandates the transfer of specific unclaimed funds to the State, and updates administrative terminology to reflect the devolution of powers from the central to the provincial government.

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  1. 1. Short title and extent
  2. 2. Amendment of section 74 of Act III of
  3. 3. Insertion of new section 77A in Act III of
  4. 4. Amendment of section 82 of Act III of
  5. 5. Amendment of section 83 of Act III of
  6. 6. Amendment of section 112 of Act III of
  7. 7. Insertion of a new section 121A in Act III of
  8. 8. Amendment of section 122 of Act III of
  9. 9. Government]" shall be substituted.
  10. 10. Government]" shall be substituted.
  11. 23B. Provincial Government to determine the amount to be set apart and the
  12. I. SCHEDULE I

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