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

1. (1) This Act may be called the Presidency-towns Insolvency (Bombay Amendment) Act, 1933.
2. (2) It extends to 2[the Greater Bombay] 4* * * *

In section 74 of the 3Presidency-towns Insolvency Act, 1909, in its application to 2[the Greater Bombay] 4* * * * , hereinafter referred to as "the said Act" for the words " it, and also to pay out of his own money interest thereon " the words " such dividend and interest thereon " shall be substituted.

After section 77 of the said Act, the following section shall be inserted, namely :-

Assignee to be corporation sole. " 77A. The Official Assignee shall be a corporation sole by the name of the Official Assignee of Bombay 5* * * * * and as such Official Assignee shall have perpetual succession and an official seal and may sue and be sued in his corporate name and may do all acts necessary or expedient to be done in the execution of his office."

For section 82 of the said Act, the following section shall be substituted, namely :-

Liability of Provincial Government. " 82. The revenues of the 6[State] Government shall be liable to make good all sums required to discharge any liability which the Official Assignee may be liable to discharge, except when such liability is one to which neither the Official Assignee nor any of his officers has in any way contributed or which neither he nor any of his officers could, by the exercise of reasonable diligence, have averted and in either of these cases the Official Assignee shall not, nor shall the revenues of the 6[State] Government, be subject to any liabilities."

For section 83 of the said Act, the following section shall be substituted, namely :-

Description by which Official Assignee to be mentioned in suits or proceedings. " 83. In all suits or proceedings by or against the Official Assignee, there shall be inserted after his official title, the description ' as assignee of the property of an insolvent (naming the particular insolvent) '."

In sub-section

1. (2) of section 112 of the said Act :-
   • (i) for clause (d), the following clause shall be substituted, namely :- 1* * * * *
   • (ii) in clause (f), after the word " audit " the words " and inspection " shall be inserted ;
   • (iii) clause
   • (g) shall be deleted;
     • (iv) in clause (h), the words " out of the proceeds aforesaid " shall be deleted ; and
     • (v) to clause (i), the words " or otherwise in his official capacity " shall be added.

After section 121 of the said Act, the following section shall be inserted, namely :-

Transfer of certain funds, to Provincial Government. " 121A. The sums and securities standing to the credit of— 2[(a)]

1. (1) the Unclaimed Dividend (Capital) Account less the sum of Rs. 50,000,
2. (2) the Unclaimed Dividend Revenue Account less the sum of Rs. 25,000,
3. (3) the Chief Clerk and Sealer's (Insolvent Debtors' Court) Investment of Unclaimed Balances Account less the sum of Rs. 20,000, and
4. (4) the Chief Clerk and Sealer's (Insolvent Debtors' Court) Investment of Interest Account, with the High Court of Judicature, Bombay, 3and (b)
5. (1) the Unclaimed Dividend (Capital) Account less the sum of Rs. 7,500,
6. (2) the Unclaimed Dividend (Revenue) Account less the sum of 3,000, and
7. (3) the Official Assignee's Fund, with the Court of the Judicial Commissioner of Sind, are hereby transferred to the 4[5[State] Government] : Provided that the revenues of the 4[5[State] Government] shall be liable to make good all sums required to meet the claims upon the said sums and securities of persons entitled thereto."

In section 122 of the said Act—

1. (i) for the word " prescribed " the words " determined by the 4[5[State] Government]" shall be substituted ; and
2. (ii) for the words " Government of India ", the words " 4[5[State]

Amendment of section 123 of Act III of In section 123 of the said Act, for the words " Government of India " where they occur at both the places and for the words " Governor General in Council " the words " 4[5[State]

Insertion of new sections 123A and 123B in Act III of After section 123 of the said Act, the following sections shall be inserted, namely :—

State Government to determine the amount to be set apart and the sums to be transferred out of certain accounts relating to the office of the Official Assignee, Bombay. " 123A. The 1[2[State] Government] may, 3[out of sums and securities standing to the credit of the accounts of the Official Assignee, Bombay,] from time to time after consultation with the High Court of Judicature, Bombay—

1. (1) determine the amount to be set apart out of—
   • (i) the Unclaimed Dividend (Capital) Account, and
   • (ii) the Chief Clerk and Sealer's (Insolvent Debtors' Court) Investment of Unclaimed Balances Account, for meeting the claims of creditors or debtors made within the period specified in section 122, and
2. (2) transfer sums to the revenues of the 1[2[State] Government] from—
   • (i) the Unclaimed Dividend (Capital) Account,
   • (ii) the Unclaimed Dividend Revenue Account,
   • (iii) the Chief Clerk and Sealer's (Insolvent Debtors' Court) Investment of Unclaimed Balances Account, and
   • (iv) the Chief Clerk and Sealer's (Insolvent Debtors' Court) Investment of Interest Account."

sums to be transferred out of certain accounts relating to the office of the Official Assignee, Karachi.] Omitted by the Adaptation of Laws Order, 1950.

11. Repeal The provisions of the said Act specified in Schedule I hereto annexed shall be repealed.

(provisions repealed.) (Section 11.) Sections 61, 68 (2), 84 and 87 (3).