Section 53
Assets and liabilities of State undertakings.
The Bombay Reorganisation Act, 1960
About this Act
An Act to provide for the reorganisation of the State of Bombay and for matters connected therewith.
(1) The assets and liabilities relating to any
commercial or industrial undertaking of the State of Bombay shall pass to the State in which the
undertaking is located.
(2) Where a depreciation reserve fund is maintained by the State of Bombay for any such commercial or industrial undertaking, the securities held in respect of investments made from that fund shall pass to the State in which the undertaking is located.
(2) Where a depreciation reserve fund is maintained by the State of Bombay for any such commercial or industrial undertaking, the securities held in respect of investments made from that fund shall pass to the State in which the undertaking is located.