(1) If, out of the monies paid to him in relation to the undertaking, there is a balance left after meeting the liabilities as specified in the Schedule, the Commissioner shall disburse such balance to the proprietors.
(2) Where the possession of any machinery, equipment or other property has vested in the State Government, or Corporation, or a new Government company, under this Act, but such machinery, equipment or other property does not belong to the proprietors, it shall be lawful for the State Government or the Corporation or such Government company to continue to possess such machinery or equipment or other property on the same terms and conditions under which they were possessed by the proprietors immediately before the appointed day.
23. Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up, shall be transferred by the Commissioner, before his office is finally wound up, to the general revenue account of the State Government ; but a claim to any money so transferred may be preferred to the State Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, and the order, if any, for payment of the claim, being treated as an order for the refund of revenue.
CHAPTER VII MISCELLANEOUS
24. The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act or in any decree or order of any court, tribunal or other authority.
XLV of
1860.
II of
1974.
Disbursement of money by Commissioner to claimants.
Disbursement of amounts to proprietors.
Act to have overriding effect.
Undisbursed or unclaimed amount to be desposited with general revenue account.
H 791—3a 1 2
25. Every contract entered into by the proprietors in relation to their undertaking, which has vested in the State Government under section 3, for any service, sale or supply, and in force immediately before the appointed day, shall on and from the expiry of one hundred and eighty days from the appointed day, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing by the State Government, or the Corporation, or a new Government Company, in which such undertaking has been vested under this Act, and in ratifying such contract, the State Government, or the Corporation, or such Government company may make such alteration or modification therein as it may think fit :
Provided that, the State Government, or the Corporation, or such Government company shall not omit to ratify a contract and shall not make any alteration or modification in a contract,—
(a) unless it is satisfied that such contract is unduly onerous, or has been entered into in bad faith, or is detrimental to the interests of the State Government, or the Corporation or such Government company; and
(b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.