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Section 39: Division of property on dissolution.

The Bengal Bonded Warehouse Association Act, 1838Central Act · Act 5 of 1838

* * * Whenever the dissolution of the said Association shall be ordered either by the [Central Government], or by a vote of the said Association, the Directors of the said Association shall cause all the property of the said Association to be converted into money, and shall divide whatever surplus may remain after satisfying the debts of the said Association among the proprietors in proportion to the shares which the proprietors have in the Capital Stock of the said Association; and after such distribution the said Association shall forthwith be dissolved.

Where this provision sits

ActThe Bengal Bonded Warehouse Association Act, 1838
Section39
Marginal noteDivision of property on dissolution.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • omitted, Act 12 of 1891. The words “And it is hereby enacted, that” omitted by Act 12 of 1891, s. 2 and Sch. I.
  • substituted. Subs. by the A.O. 1937, for “Governor General of India in Council”.

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