The Presidency-towns Insolvency (Tamil Nadu Amendment) Act, 1943
The Presidency-towns Insolvency (Tamil Nadu Amendment) Act, 1943
The Presidency-towns Insolvency (Tamil Nadu Amendment) Act, 1943, is a legislative update to the Presidency-towns Insolvency Act, 1909, specifically applicable to the jurisdiction of Tamil Nadu (formerly Madras). The Act primarily reforms the administrative framework governing the "Official Assignee," the officer responsible for managing the assets of insolvent individuals. It establishes the Official Assignee as a "corporation sole," granting them perpetual succession and the legal capacity to sue or be sued. Furthermore, the Act clarifies the financial relationship between the Official Assignee and the State Government, mandating strict accounting practices with the Reserve Bank of India and defining the State's liability for the Assignee's actions.
- 1. Short title and commencement
- 2. Amendment) Act, 1943.
- 3. Amendment of section 68
- 4. Amendment of section 71
- 5. Amendment of section 72
- 6. Amendment of section 74
- 7. Amendment of section 77
- 8. Insertion of new section
- 9. NO TITLE]
- 10. Liability of State Government for costs in legal proceedings, etc
- 11. Insertion of new sections
- 82. B. (1) Where an insolvent's estate has no available assets, the official assignee shall not incur any costs, charges or
PDF: pending for this language.