Section 55: Floating Debt.

The Bombay Reorganisation Act, 1960Central Act · Act 11 of 1960

(1) The liability of the State of Bombay in respect of any floating debt of a Merged State shall be the liability of the State in whose territories the area of the Merged State is included on the appointed day.

(2) The liability of the State of Bombay in respect of any other floating loan to provide short-term finance to any commercial undertaking shall be the liability of the State in whose territories the undertaking is located.

Where this provision sits

Act	The Bombay Reorganisation Act, 1960
Section	55
Marginal note	Floating Debt.
Jurisdiction	Central
Status	In force as published by the source

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