Shipping Development Fund Committee (Abolition) Act,1986

Act No : 66

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Section : Consequential provisions.

4. Consequential provisions. On the abolition of the Committee,--

(a) all the rights and privileges of the Committee shall
become the rights and privileges of the Central Government;

(b) all properties, movable and immovable, including cash
balance, reserve funds, instruments and moneys lying to the
credit of the Committee and all rights and interests in, or
arising out of, such properties as were immediately before the
appointed day, in the ownership, possession, power or control of
the Committee, and all books of account, registers, records and
all other documents of whatever nature relating thereto, shall
vest in the Central Government;

(c) all borrowings, liabilities and obligations of the
Committee of whatever kind and subsisting immediately before the
appointed day, shall be deemed, on and from such day, to be the
borrowings, liabilities and obligations, as the case may be, of
the Central Government; and

(d) all contracts entered into, and all matters and things
engaged to be done by, with or for, the Committee and subsisting
immediately before the appointed day shall be deemed, on and from
such day, to have been entered into, or engaged to be done by,
with or for, the Central Government.

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