section 52
Investments and credits in certain funds.
The Punjab Reorganisation Act, 1966General196697 sections
Part VI APPORTIONMENT OF ASSETS AND LIABILITIES
Statutory text
- (1) The investments made from the Cash Balance Investment Account, the Famine Relief Fund and any other general fund of the existing State of Punjab, the sums at the credit of that State in the Central Road Fund and the sums held in the Defence and Security Relief Fund shall be divided between the successor States according to the population ratio; and the investments in any special fund the objects of which are confined to a local area in the existing State of Punjab shall pass to the successor State in whose territories that area is included.
- (2) The investments of the existing State of Punjab immediately before the appointed day in any private commercial or industrial undertaking, in so far as such investments have not been made or are deemed not to have been made from the Cash Balance Investment Account, shall pass to the successor State in whose territories the principal seat of business of the undertaking is located and where on that day the principal seat of business of the undertaking is located outside the territories of the existing State of Punjab such investments shall be divided between all the successor States in the population ratio.
- (3) Where anybody corporate constituted under a Central Act, State Act or Provincial Act for the existing State of Punjab or any part thereof has, by virtue of the provisions of Part II, become an interState body corporate, the investments in, or loans or advances to, any such body corporate by the existing State of Punjab made before the appointed day shall, save as otherwise expressly provided by or under this Act, be divided between the successor States in the same proportion in which the assets of the body corporate are divided under the provisions of Part VII.
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