Section 22
Disbursement of amounts to the Company. Repealed
The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977
About this Act
An Act to provide for, in the public interest, the acquisition and transfer of the right, title and interest of the undertakings of Messrs. Smith, Stanistreet and Company Limited, Calcutta and for matters connected therewith or incidental thereto.
(1) If, out of the monies paid to him in relation to
the undertakings of the Company, there is a balance left after meeting the liabilities as specified in the
Schedule, the Commissioner shall disburse such balance to the Company.
(2) Where any machinery, equipment or other property has vested in the Central Government or a Government company under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government or the Government company to continue to possess such machinery, equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the 4th day of May, 1972.
(2) Where any machinery, equipment or other property has vested in the Central Government or a Government company under this Act, but such machinery, equipment or other property does not belong to the Company, it shall be lawful for the Central Government or the Government company to continue to possess such machinery, equipment or other property on the same terms and conditions under which they were possessed by the Company immediately before the 4th day of May, 1972.