Section 55
Floating Debt.
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 liability of the State of Bombay in respect of any floating debt of a
Merged State shall be the liability of the State in whose territories the area of the Merged State is included
on the appointed day.
(2) The liability of the State of Bombay in respect of any other floating loan to provide short-term finance to any commercial undertaking shall be the liability of the State in whose territories the undertaking is located.
(2) The liability of the State of Bombay in respect of any other floating loan to provide short-term finance to any commercial undertaking shall be the liability of the State in whose territories the undertaking is located.