Chaparmukh-slighat Railway Line and the Katakhal-lalbazar Railway Line (Nationalisation ) Act, 1982 Chapter 4 - Bare Act |
| State | Central Government |
| Year | 1982 |
| Section Title | Duty of Persons in Charge of Management of the Undertakings of the Two Secified Companies to Deliver All Assets, Etc. |
On the vesting of the undertakings of the two specified companies in the Central Government, all persons in charge of the management of the undertakings immediately before such vesting, shall be bound to deliver to the Central Government all assets, books of account, registers or other documents in their custody relating to the undertakings.
(1) Any person who has, on the appointed day, in his possession or under his control any assets, books, documents or other papers relating to any undertaking owned by a specified company which have vested in the Central Government and which belong to the specified company, or would have so belonged, if the undertakings owned by the specified company had not vested in the Central Government, shall be liable to account for the said assets, books, documents and other papers to the Central Government and shall deliver them up to the Central Government or to such person or persons as the Central Government may specify in this behalf.
(2) The Central Government may take or cause to be taken all necessary steps for securing possession of the undertakings of the two specified companies which have vested in the Central Government under this Act.
(3) The two specified companies shall within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their properties and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under section 3 and, for this purpose, the Central Government shall afford to the two specified companies all reasonable facilities.