Orphanages and Other Charitable Homes (Supervision and Control) Act : Assets and liabilities of State

Orphanages and Other Charitable Homes (Supervision and Control) Act,1960

Act No : 10

Section : Assets and liabilities of State undertakings.

53. Assets and liabilities of State undertakings. (1) The assets and liabilities relating to any commercial or industrial undertaking of the State of Bombay shall pass to the State in which the undertaking is located. (2) Where a depreciation reserve fund is maintained by the State of Bombay for any such commercial or industrial undertaking, the securities held in respect of investments made from that fund shall pass to the State in which the undertaking is located.