Section 55
Floating Debt.
The Andhra Pradesh Reorganisation Act, 2014
About this Act
An Act to provide for the reorganisation of the existing State of Andhra Pradesh and for matters connected therewith.
All liabilities of the existing State of Andhra Pradesh in respect of any floating
loan to provide short term finance to any local body, body corporate or other institution, shall be
determined on the following basis, namely:––
(a) if, the purposes of the floating loan are, on and from the appointed day, exclusive purposes of either of the successor States, then, of that State;
(b) in any other case, it shall be divided on the basis of population ratio.
(a) if, the purposes of the floating loan are, on and from the appointed day, exclusive purposes of either of the successor States, then, of that State;
(b) in any other case, it shall be divided on the basis of population ratio.