section 44
DISSOLUTION OF BOARD AND TRANSFER OF ITS ASSETS AND LIABILITIES TO STATE GOVT.
The PEPSU Townships Development Board Act, 1954General195447 sections5 chapters
Chapter V MISCELLANEOUS
Statutory text
- (1) When all the townships under this Act have been constructed and developed or have been so far constructed and developed as to render the continued existence of the Board, in the opinion of the State Govt. unnecessary, the State Government may by notification in the official Gazette, declare that the Board shall be dissolved on such date as may be specified in the notification and the Board shall be deemed to be dissolved accordingly.
- (2) ON AND FROM THE SAID DATE: -
- (a) All properties and funds placed at the disposal of the Board, all properties situated within the area of operation which immediately before the said date were held by the Board, and all dues realisable by the Board, shall vest in, and be realisable by the State Government.
- (b) All liabilities, which, immediately before the said date, were enforceable against the Board, shall be enforceable against the State Govt.
- (c) For the purpose of competing the execution of any work undertaken but not fully executed by the Board, and of realising properties, funds and dues referred to in clause (a), the functions of the Board under this Act shall be discharged by the State Govt.
- (d) The State Government shall keep separate accounts of all moneys respectively received and expended by it under this Act until all loans raised thereunder have been repaid and until all other liabilities referred to in clause (c) have been duly met.
- (3) The properties and funds vested in the State Govt. under Sub-section (2) which remain after meeting out the liabilities of the Board shall be transferred to such local authority or local authorities, as may be having jurisdiction over the Township in such proportion as the State Govt. may by order determine.
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