Section 48:
Assets and liabilities of State undertakings.
(1) The assets and liabilities relating to any
commercial or industrial undertaking of the State of Uttar Pradesh shall pass to the State in which the
undertaking is located.
(2) Where a depreciation reserve fund is maintained by the State of Uttar Pradesh 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.