Certain powers of the Government or the Government company

Certain powers of the Government or the Government company.—(1) The Government or the 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 club, in relation to its undertaking which has vested in the Government or such Government company, realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.

1. (2) The Government or the Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by the Government or Government company, after the appointed day, for discharging any liability of the club 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 Government or the Government company.
2. (3) Save as otherwise provided in this Act, the liabilities of the club in relation to its undertaking 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 club.