Disbursement of amounts to proprietors

Corporate198426 sections

Statutory text

(1) If, out of the monies paid to him in relation to the undertaking, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the proprietors.
(2) Where the possession of any machinery, equipment or other property has vested in the State Government, or Corporation, or a new Government company, under this Act, but such machinery, equipment or other property does not belong to the proprietors, it shall be lawful for the State Government or the Corporation or such Government company to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the proprietors immediately before the appointed day.

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