|First||Previous (EXPORT PROMOTION ACT, 1959)|
EXPORT PROMOTION ACT, 1959
Transfer of property and liabilities of the Company to the Board, etc.
Section 21 (5).
The transfer date.
1. In this Schedule “the transfer date” means the day appointed by the Minister by an order under subsection (3) of section 21 of this Act to be the day on which the Company stands dissolved.
Transfer of Property.
2. (1) Subject to the provisions of this paragraph, all property whether real or personal (including choses-in-action) which immediately before the transfer date is vested in, belongs to or is held in trust for the Company and all rights, powers and privileges relating to or connected with any such property shall, on the transfer date and without any conveyance or assignment but subject where necessary to transfer in the books of any bank, corporation or company or authority, become and be vested in or the property of or held in trust for (as the case may require) the Board for all the estate, trust or interest for which the same immediately before the transfer date was vested in or belonged to or was held in trust for the Company.
(2) All property transferred by this paragraph which, immediately before the transfer date, is standing in the books of any bank or is registered in the books of any bank, corporation, company or authority shall, upon the request of the Board made on or after the transfer date, be transferred in such books by such bank, corporation, company or authority into the name of the Board.
(3) On and after the transfer date every chose-in-action transferred by this paragraph to the Board may be sued upon, recovered or enforced by the Board in its own name and it shall not be necessary for the Board to give notice to the person bound by such chose-in-action of the transfer effected by this paragraph.
Transfer of Liabilities
3. Every debt and other liability (including unliquidated liabilities arising from torts or breaches of contract) which, immediately before the transfer date, is owing and unpaid or has been incurred and is undischarged by the Company shall, on the transfer date, become and be the debt or liability of the Board and shall be paid or discharged by, and may be recovered from or enforced against, the Board accordingly.
Preservation of continuing contracts
4. Every bond, guarantee, mortgage or other security of a continuing nature made or given by the Company to any person, or by any person to the Company, and in force immediately before the transfer date, and every contract or agreement in writing made between the Company and another person and not fully executed and completed before the transfer date shall, notwithstanding the dissolution of the Company, continue in force on and after the transfer date but shall be construed and have effect as if the name of the Board were substituted therein for the name of the Company, and such security, contract or agreement shall be enforceable by or against the Board accordingly.
Continuance of pending legal proceedings.
5. In every action, suit or proceedings which is pending on the transfer date in any court or tribunal and to which the Company is a party, the Board shall on the transfer date become and be a party in the place of the Company and such proceedings shall be continued between the Board and the other parties thereto accordingly and no such proceedings shall abate or be discontinued or prejudicially affected by reason of the dissolution of the Company.
Exemption from stamp duty.
6. Section 12 of the Finance Act, 1895, shall not apply to the vesting in the Board of the property of the Company.