Certain powers of State Government or Corporation or new Government company

Corporate198426 sections

Statutory text

(1) The State Government or the Corporation, or where a direction has been issued by the State Government under sub-section
(1) of section 6, a new Government company, as the case may be, shall be entitled to receive up to the specified date, to the exclusion of all other persons, any money due to the proprietors, in relation to their undertaking which has vested in the State Government, or the Corporation or in such Government company, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.
(2) The State Government or the Corporation, or such Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day, for discharging any liability of the proprietors, not being any liability specified in sub-section
(2) of section 5, in relation to any period prior to the appointed day; and every such claim shall have priority, in accordance with the priorities attaching, under this Act, to the matter in relation to which such liability has been discharged by the State Government, or the Corporation, or such Government company.
(3) Save as otherwise provided in this Act, the liabilities of the proprietors in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the proprietors.

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