Act Info:
(1) Where the undertaking of an existing aircompany vests in either of the Corporations under this Act, the existing aircompany shall within thirty days from the appointed date or within such furthertime as the Corporation concerned may allow in any case, supply to theCorporation particulars of book debts and investments belonging to and allliabilities and obligations of the company subsisting immediately before theappointed date, and also of all agreements entered into by the existing aircompany and in force on the appointed date, including agreements, whetherexpress or implied, relating to leave, pension, gratuity and other terms ofservice of any officer or other employees of the existing air company, underwhich by virtue of this Act the Corporations have or will or may haveliabilities except such agreements as the Corporation may exclude eithergenerally or in any particular case from the operation of this sub-section.
(2) If any existing air company fails to supply tothe Corporation concerned particulars of such book debts, liabilities andagreements within the time allowed to it for the purpose under sub-section (1),nothing contained in this Act shall have effect so as to transfer any such bookdebts, liabilities and agreements to, or to vest the same in, the Corporation.
(3) Either Corporation may by notice in writingwithin a period of 1 [six months] after submission of the particularsreferred to in sub-section (1) intimate to the existing air company submittingthe particulars that such of the book debts and investments as are specified inthe noticed are not included in the properties vesting in the Corporation whereuponthe compensation provided by section 25 of this Act and the Schedule theretoshall be reduced by the amount of such excluded book debts and investments butthe right of such existing air company to recover and retain such excluded bookdebts shall remain unaffected by this Act.
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1.Substituted for the words"ninety days" by the Air Corporations (Amdt.) Act, 1954 (10 of 1954), S. 2(w.r.e.f. 30-1-1954)