Smith, Stainstreet and Company Limited (Acquisition and Transfer of Undertakings) Act,1977

Act No : 41

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Section : DISBURSEMENT OF AMOUNTS TO THE COMPANY

SECTION 22: DISBURSEMENT OF AMOUNTS TO THE COMPANY

(1) If, out of the monies paid to him in relation to the undertakings of the Company, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the Company.

(2) Where any machinery, equipment or other property has vested in the Central Government or a Government company under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government or the Government company to continue to possess such machinery, equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the 4th day of May, 1972.

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