Section 8
Payment of amount.
The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited, for the reconstruction of the register of its members and for matters connected therewith or incidental thereto.
(1) For the transfer, under section 3, of the undertaking of the old company
to the Central Government, there shall be paid by the Central Government to the Custodian an amount of
rupees thirty lakhs.
(2) The Custodian shall open an account in the name of the old company in any scheduled bank and credit the said amount to the said account and hold the said amount in trust for and on behalf of the old company.
(2) The Custodian shall open an account in the name of the old company in any scheduled bank and credit the said amount to the said account and hold the said amount in trust for and on behalf of the old company.