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| Home > Indian Bare Acts > THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993 > CHAPTER III DELIVERY OF ASSETS, ETC., TO THE CORPORATION |
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| THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993 |
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Title : THE INDUSTRIAL FINANCE CORPORATION (TRANSFER OF UNDERTAKING AND REPEAL) ACT 1993
Year : 1993
Act :
CHAPTER III
DELIVERY OF ASSETS, ETC., TO THE CORPORATION
9.Duty of persons to account for assets, etc., in their possession.
9.Duty of persons to account for assets, etc., in their possession. (1) Any person who has, on the date of commencement of this Act, in his possession or under his control, any assets, books and any other documents relating to the power transmission system which has been transferred to, and vested in, the Corporation under sub-section (2) of section 3, shall be liable to account for the said assets, books and documents to the Corporation and shall deliver them up to the Corporation or to such person or persons as the Corporation may specify in this behalf.
(2) The Corporation may take or cause to be taken all necessary steps for securing possession of the power transmission system which has been transferred to, and vested in, the Corporation under this
Act.
(3) Each of the three companies shall, within such period as the
Corporation may allow in this behalf, furnish to the Corporation a complete inventory of all its property and assets as on the appointed day pertained to its power transmission system which has been transferred to, and vested in, the Corporation under sub-section (2)
of section 3.CHAP
PROVISIONS RELATING TO ASSOCIATED PERSONNEL.
Last updated on February, 2008
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