Deposits, etc.

General2014108 sections12 chapters

Part VI APPORTIONMENT OF ASSETS AND LIABILITIES

Statutory text

(1) The liability of the existing State of Andhra Pradesh in respect of any civil deposit or local fund deposit shall, as from the appointed day, be the liability of the successor State in whose area the deposit has been made.
(2) The liability of the existing State of Andhra Pradesh in respect of any charitable or other endowment shall, as from the appointed day, be the liability of the successor State in whose area the institution entitled to the benefit of the endowment is located or of the successor State to which the objects of the endowment, under the terms thereof, are confined: Provided that any civil deposits or loan funds or charitable or other endowment fund maintained by the existing State of Andhra Pradesh before the appointed day having jurisdiction over the entire State shall be apportioned between the successor States on the basis of population ratio.

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