Ultimate dissolution of Trust, and transfer of its assets and liabilities to the Municipal Board

General195999 sections12 chapters

Chapter XII Supplemental Provisions

Statutory text

(1) When all schemes sanctioned under this Act have been executed or have been so far executed as to render the continued existence of the Trust, in the opinion of the State Government, unnecessary, the State Government may by notification declare that the Trust shall be dissolved from such date as may be specified in this behalf in such notification, and the Trust shall be deemed to be dissolved accordingly.
(2) From the said date-
- (a) all properties, funds and dues which are vested in or realisable by the Trust shall vest in and be realisable by the Municipal Board;
- (b) all liabilities which are enforceable against the Trust shall be enforceable against the Municipal Board;
- (c) for the purpose of completing the execution of any scheme sanctioned under this Act, which has not been fully executed by the Trust, and of realising properties, funds and dues referred to in clause (a) the functions of the Trust under this Act shall be discharged by the Municipal Board as if it were the Trust under this Act; and
- (d) the Municipal Board shall keep separate accounts of all moneys respectively received and expended by it under this Act, until all loans raised hereunder have been repaid and until all other liabilities referred to in clause (b) have been duly met.

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