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Start Free TrialPresidency-towns Insolvency Act, 1909 Part IV
Title: Official Assignees
State: Central
Year: 1909
.....the commencement of this Act in the Courts for the relief of Insolvent Debtors at Calcutta, Madras and Bombay respectively under the {Rep.by this Act} Indian Insolvency Act, 1848, {The words "and in the Chief Court of Lower Burma under that Act as applied by the Lower Burma Courts Act, 1900" rep.by the A.O.1937} shall, without further appointment for that purpose, become the official assignees, substantive or temporary, as the case may be, under this Act in the High Courts at Fort William, Madras and Bombay {The words "and in the Chief Court of Lower Burma" rep., ibid} respectively.{For s.77A, applicable to Bombay and Madras, see the Presidency-towns Insolvency (Bombay Amendment) act, 1933 (Bom.20 of 1933), s.3 and the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.8 respectively}. Section 78 - Power to administer oath An official assignee may, for the purpose of affidavits verifying proofs, petitions or other proceedings under this Act, administer oaths. Section 79 - Duties as regards the insolvents conduct (1) The duties of an official assignee shall have relation to the conduct of the insolvent as well as to the administration of his.....
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 77
Title: Appointment and Removal of Official Assignees of Insolvents Estate
State: Central
Year: 1909
..... (2) Every official assignee {Ins.by Act 10 of 1930, s.4} [and every deputy official assignee] shall give such security and shall be subject to such rules and shall act in such manner as may be prescribed. {This sub-section has been replaced by another in Calcutta: see s.3 (c), ibid} (3) Not withstanding anything in sub-section (1), the persons substantively or temporarily holding the office of official assignee immediately before the commencement of this Act in the Courts for the relief of Insolvent Debtors at Calcutta, Madras and Bombay respectively under the {Rep.by this Act} Indian Insolvency Act, 1848, {The words "and in the Chief Court of Lower Burma under that Act as applied by the Lower Burma Courts Act, 1900" rep.by the A.O.1937} shall, without further appointment for that purpose, become the official assignees, substantive or temporary, as the case may be, under this Act in the High Courts at Fort William, Madras and Bombay {The words "and in the Chief Court of Lower Burma" rep., ibid} respectively.{For s.77A, applicable to Bombay and Madras, see the Presidency-towns Insolvency (Bombay Amendment) act, 1933 (Bom.20 of 1933), s.3 and the Presidency-towns Insolvency.....
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 58
Title: Possession of Property by Official Assignee
State: Central
Year: 1909
.....or retaining possession of the property of the insolvent, be in the same position as if he were a receiver of the property appointed under the Code of Civil Procedure, 1908, and the Court may on his application enforce such acquisition or retention accordingly. (3) Where any part of the property of the insolvent consists of stock, shares in ships, shares, or any other property transferable in the books of any company, office or person, the official assignee may exercise the right to transfer the property to the same extent as the insolvent might have exercised it, if he had not become insolvent. (4) Where any part of the property of the insolvent consists of things in action, such things shall be deemed to have been duly transferred to the official assignee. (5) Any treasurer or other officer, or any banker, attorney or agent of an insolvent, shall pay and deliver to the official assignee all money and securities in his possession or power as such officer, banker, attorney or agent, which he is not by law entitled to retain as against the insolvent or the official assignee.If he fails so to do, he shall be guilty of a contempt of Court, and shall be punishable.....
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 64
Title: Power to Call on Official Assignee to Disclaim
State: Central
Year: 1909
The Official assignee shall not be entitled to disclaim any property in pursuance of section 62 in any case where an application of in writing has been made to the official assignee by any person interested in the property requiring him to decide whether he will disclaim, and the official assignee has for a period of twenty-eight days after the receipt of the application, or such extended period as may be allowed by the Court, declined or neglected to give notice that he disclaims the property; and in the case of a contract, if the official assignee, after such application as aforesaid, does not within the said period or extended period disclaim the contract, he shall be deemed to have adopted it.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 68
Title: Duty and Powers of Official Assignee as to Realization
State: Central
Year: 1909
.....of his debts or for the purpose of carrying on the business; (h) refer any dispute to arbitration, and compromise all debts, claims and liabilities, on such terms as may be agreed upon; (i) divide in its existing form amongst the creditors, according to its estimated value, any property which, from its peculiar nature or other special circumstances, cannot readily or advantageously be sold. {In the application of the Act to Bombay, this sub-section has been repealed: see the Presidency-towns Insolvency (Bombay Amendment) Act, 1933 (Bom.20 of 1933), s.11 and Sch.I} (2) The official assignee shall account to the Court and pay over all monies and deal with all securities in such manner {For Madras, the words "as is laid down in this Act or" have been ins.here by the Presidency-towns Insolvency (Madras Amendment) Act, 1943 (Mad.5 of 1943), s.3} as is prescribed or as the Court directs.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 89
Title: Control of Committee of Inspection over Official Assignee
State: Central
Year: 1909
The committee shall have such powers of control over the ton proceedings of the official assignee as may be prescribed.
View Complete Act List Judgments citing this sectionPresidency-towns Insolvency Act, 1909 Section 98
Title: Suits by Official Assignee and Insolvents Partners
State: Central
Year: 1909
(1) Where a partner in a firm is adjudged insolvent, the Court may authorize the official assignee to continue or commence and carry on any suit or other proceeding in his name and that of the insolvent's partner; and any release by the partner of the debt or demand to which the proceeding relates shall be void. (2) Where application for authority to continue or commence any suit or any other proceeding has been made under sub-section (1), notice of the application shall be given to the insolvent's partner, and he may show cause against it, and on his application the Court may, if it thinks fit, direct that he shall receive his proper share of the proceeds of the proceeding, and if he does not claim any benefit therefrom he shall be indemnified against costs in respect thereof as the Court directs.
View Complete Act List Judgments citing this sectionIndustrial Reconstruction Bank of India Act, 1984 Section 48
Title: Official Assignee or Receiver Not to Be Appointed Without the Consent of the Reconstruction Bank
State: Central
Year: 1984
No proceeding for the appointment of any official assignee or receiver in relation to any industrial concern the management of which has been taken over by the Reconstruction Bank shall lie in any court except with the consent of the Reconstruction Bank.
View Complete Act List Judgments citing this sectionOfficial Trustees Act, 1913 Part III
Title: Rights, Powers, Duties and Liabilities of Official Trustee
State: Central
Year: 1913
.....Trustee1[***] shall be required to verify otherwise than by his signature any petition presented by him under the provisions of this Act, and if the facts stated in any such petition are not within2[his personal knowledge] , the petition may be verified and subscribed by any person competent to make the verification. _________________________ 1. "or Deputy official Trustee" omitted by the Official Trustees (Amendment), Act, 1964, w.e.f. 25-12-1964. 2. Substituted for "the official trustee's personal knowledge" by the Official Trustees (Amendment), Act, 1964, w.e.f 25-12-1964. Section 14 - Entry Official Trustee not to constitute notice of a trust The entry of the Official Trustee by that name in the books of a company shall not constitute notice of a trust; and a company shall not be entitled to object to enter the name of the Official Trustee on its register by reason only that the Official Trustee is a corporation; and, in dealing with property, the fact that the person dealt with is the Official Trustee shall not of itself constitute notice of a trust.{ For s 14A, ins.for the former Province of Bengal, see the Official Trustees (Bengal Amendment) Act, 1941 (Ben.1 of.....
View Complete Act List Judgments citing this sectionOfficial Trustees Act, 1913 Part II
Title: The Office of Official Trustee
State: Central
Year: 1913
.....privileges and be subject to the same liabilities as the Official Trustee. 2["(2) No person shall be appointed as a Deputy unless he has been for at least three years- (a) an advocate; or (b) an attorney of a High Court; or (c) a member of the judicial service of a State.". ] ________________________ 1. Section 5 renumbered as sub-section (1) thereof by the Official Trustees (Amendment), Act, 1964, w.e.f. 25-12-1964. 2. Inserted by the Official Trustees (Amendment), Act, 1964, w.e.f. 25-12-1964. Section 6 - Official Trustee to be corporation sole, to have perpetual succession and official seal, and to sue and be sued in his corporate name The Official Trustee shall be a corporation sole by the name of the Official Trustee of the { Subs by the A O; 1950 for " Division " which had been subs.by the A.O.1937 for "Presidency}[ State] for which he is appointed and, as such Official Trustee shall, have perpetual succession and an official seal, and may sue and be sued in his corporate name.
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