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Section 21: Disbursement of amounts to the Company and possession of certain machinery, equipment, etc.

The Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act, 1980Central Act · Act 67 of 1980

(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 II, the Commissioner shall disburse such balance to the company.

(2) Where any machinery, equipment or other property, has vested, under this Act, in the Central Government or the Government company, as the case may be, 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, as the case may be, to continue to possess such machinery, equipment and other property on the same terms and conditions under which they were possessed by the Company immediately before the appointed day

Where this provision sits

ActThe Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act, 1980
Section21
Marginal noteDisbursement of amounts to the Company and possession of certain machinery, equipment, etc.
JurisdictionCentral
StatusIn force as published by the source

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