(2) Where the Company has established a provident fund, super- Provident annuation fund, welfare fund or any other fund for the benefit of the fund a n d persons employed in any of the undertakings of the Company, the monies £ ^ rentable to the officers or other employees, whose services Have become transferred, by or under this Ordinance, to the Central Government or the Government company, shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation fund, welfare fund or other fund, stand transferred to, and vest in, the Central Government or the Government company, as the case may be.
488 THE GAZETTE OF INDIA EXTRAORDINARY LPART II—
(2) The monies which stand transferred under sub-section (1) to the Central Government or the Government company, as the case may be, shall be dealt with by that Government or that Government company in such manner as may be prescribed.
CHAPTER VI COMMISSIONER OF PAYMENTS Appoint- 15. (1) The Central Government shall, for the purpose of disbursing ment of ^n e amounts payable to the Company under section 7 and section 8, by Commis- ,.„ ,. , J „ . . » _ sioner of notification, appoint a Commissioner of Payments.
Payments. ^ ) The Central Government may appoint such other persons as It may think fit to assist the Commissioner and thereupon the Commissioner may authorise one or more of such persons also to exercise all or any of the powers exercisable by him under this Ordinance and different persons may be authorised to exercise different powers.
(3) Any person authorised by the Commissioner to exercise any of the powers exercisable by the Commissioner may exercise those powers in the same manner and with the same effect as If they have been conferred on that person directly by this Ordinance and not by way of authorisation.
(4) The salaries and allowances of the Commissioner and other persons appointed under this section shall be defrayed out of the Consolidated Fund of India.
Payment *6. (1) The Central Government shall, within thirty days from the by the specified date, pay, in cash, to the Commissioner, for payment to the Central Company— Government to (a) a n amount equal to the amount specified in section 7, and * e , (b) an amount equal to the amount payable to the Companv Commis- , ,. _ sioner, u n d e r section 8.
(2) A deposit account shall be ooenedi by the Central Government in favour of the Commissioner, in the Public Account of India, and every amount paid under this Ordinance to the Commissioner shall be deposited by him to the credit of the said deposit account and the said deposit account shall be operated by the Commissioner.
(3) Records shall be maintained by the Commissioner In respect of the undertakings of the ComDany in relation to which payment has been made to him under this Ordinance.
(4) The interest accruing on the amount standing to the credit of the deposit account referred to in sub-section (2) shall enure to the benefit of the Company.
Certain 17. (l) The Central Government or the Government company, as the powers c a s e m a y j - , ^ ghav[ be entitled to receive up to the specified date, to the Central exclusion of all other persons, any money due to the Company, in rela- Govern- tion to Its undertakings which have vested in the Central Governmenf ment or or the Government company, and realised after the appointed day, not- Govern- withstanding that the realisation pertains to a period prior to the appoint- San,, edday.
SEC. i] THE GAZETTE OF INDIA EXTRAORDINARY 489
(2) The Central Government or the Government company, as the case may be, may make a claim to the Commissioner with regard to every payment made by it after the appointed day for discharging any liability of the Company in relation to any period prior to the appointed day; and every such claim shall have priority in accordance with the priorities attaching, under this Ordinance, to the matter m relation to which such liability has been discharged by the Central Government or the Government company.
(3) Save as otherwise provided in this Ordinance, the liabilities of the Company in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of the Company.
18. Every person having a claim against the Company shall prefer Claims such claim before the Commissioner within thirty days from the speci- t o Be fied date: m a d e to the
Provided that if the Commissioner is satisfied that the claimant was S J O J ^ 1 S prevented by sufficient cause from preferring the claim within, the Baid period of thirty days, he may entertain the claim within a further period of thirty days and not thereafter.
10. The claims arising out of the matters specified in the Schedule Priority of shall have priorities in accordance with the following principles, claim*, namely.—
(a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on;
(b) the claims specified in each of the categories, shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and
(c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.