Section 13
Assets and liabilities to vest in Authority.
The Land Ports Authority of India Act, 2010
About this Act
An Act to provide for the establishment of the Land Ports Authority of India to put in place systems which address security imperatives and for the development and management of facilities for cross border movement of passengers and goods at designated points along the international borders of India and for matters connected therewith or incidental thereto.
(1) On the date of notification issued under
clause (d) of section 2, all such assets, rights, powers, authorities and privileges and such property
movable and immovable, real or personal, corporeal or incorporeal, present or contingent, of whatever
nature, including lands,
buildings, machinery, equipments, works, workshops, cash balances, capital,
reserves, reserve funds, investments, tenancies, losses and book debts and all other rights and interests
arising out of such property, as immediately before the issue of that notification, were in the ownership or
possession of the Government of India in any of the land port, as the Central Government may, in such
notification, specify, shall vest in the Authority and such vesting shall also be deemed to include all
borrowings, liabilities and obligations of whatever kind then subsisting.
(2) The notification under sub-section (1) shall be issued only after the concurrence of the concerned ministries or departments of the Government of India, in case where such properties are owned or controlled by such ministries or departments.
(2) The notification under sub-section (1) shall be issued only after the concurrence of the concerned ministries or departments of the Government of India, in case where such properties are owned or controlled by such ministries or departments.