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THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Title : THE PRESIDENCY-TOWNS INSOLVENCY ACT, 1909

Year : 1909



An undischarged insolvent obtaining credit to the extent of fifty rupees or upwards from any person without informing such person that he is an undischarged insolvent shall, on conviction by a Magistrate, be punishable with imprisonment for a term which may extend to six months, or with fine, or with both.



Any person adjudged insolvent who-

(a) Fraudulently with the intent to conceal the state of his affairs or to defeat the objects of this Act,-

(i) Has destroyed or otherwise willfully prevented or purposely withheld the production of any book, paper or writing relating to such of his affairs as are subject to investigation under this
Act, or

(ii) Has kept or caused to be kept false books, or

(iii) Has made false entries in, or withheld entries from, or willfully altered or falsified, any book, paper or writing relating to such of his affairs as are subject to investigation under this
Act, or

(b) Fraudulently with intent to diminish the sum to be divided amongst his creditors or of giving an undue preference to any of the said creditors,-

(i) Has discharged or concealed any debt due to or from him, or

(ii) Has made away with, charged, mortgaged or concealed any part of his property of what kind soever, shall on conviction be punishable with imprisonment for a term which may extend to two years.


103A 1*Disqualifications of insolvent.

(1) Where a debtor is adjudged or read judged insolvent under this Act, he shall, subject to the provisions of this section, be disqualified from--

(a) Being appointed or acting as a Magistrate;

(b) Being elected to any office of any local authority where the appointment to such office is by election, or holding or exercising any such office to which no salary is attached; and

(c) Being elected or sitting or voting as a member of any local authority.

(2) The disqualifications which an insolvent is subject to under this section shall be removed, and shall cease if--

(a) The order of adjudication is annulled under sub-section (1) of section 21, or

(b) He obtains from the Court an order of discharge, whether absolute or conditional, with a certificate that his insolvency was caused by misfortune without any misconduct on his part.

(3) The Court may grant or refuse such certificate as it thinks fit.]

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1. Ins. by Act 11 of 1920, s. 2.

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(1) Where the Court is satisfied, after such preliminary inquiry, if any, as it thinks necessary, that there is ground for inquiring into any offence referred to in section 103 and appearing to have been committed by the insolvent, the Court may record a finding to that effect and make a complaint of the offence in writing to a Presidency Magistrate or a Magistrate of the first class having jurisdiction, and such Magistrate shall deal with such complaint in the manner laid down in the Code of Criminal Procedure, 1898 (5 of 1898).

(2) Any complaint made by the Court under sub-section (1) may be signed by such officer of the Court as the Court may appoint in this behalf.]

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1. Subs. by Act 9 of 1926, s. 9, for the original s. 104.

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Where an insolvent has been guilty of any of the offences specified in section 102 or section 103, he shall not be exempt from being proceeded against therefor by reason that he has obtained his discharge or that a composition or scheme of arrangement has been accepted or approved.
Last updated on June, 2016

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