Section 4 of The Coal Mines Labour Welfare Fund (Repeal) Act, 1986
Consequential provisions.
On the dissolution of the Housing Board,--
- (a)all rights and privileges of the Housing Board shall become the rights and privileges, respectively, of the Central Government;
- (b)all properties, movable and immovable, including cash balances, reserve funds, investments and moneys lying to the credit of the Housing Board and all rights and interests in, or arising out of, such properties as were immediately before the appointed day, in the ownership, possession, power or control of the Housing Board, and all books of account, registers and records and all other documents of whatever nature relating thereto, shall vest in the Central Government;
- (c)all the borrowings, liabilities and obligations of the Housing Board of whatever kind and subsisting immediately before the appointed day, shall be deemed on and from such day to be the borrowings, liabilities and obligations, as the case may be, of the Central Government;
- (d)all contracts entered into, and all matters and things engaged to be done by, with or for, the Housing Board and subsisting immediately before the appointed day shall be deemed, on and from such day to have been entered into or engaged to be done by, with or for, the Central Government;
- (e)all licences and permits granted to the Housing Board and in force immediately before the appointed day shall be deemed on and from such day to have been granted to the Central Government and shall have effect accordingly.
Summary
- When the Housing Board is dissolved, all of its rights and privileges are transferred to the Central Government.
- All of its properties, both movable, like money, cash, reserve funds, investments, and records, and immovable, like land and buildings, are transferred to the Central Government.
- All debts, borrowings, liabilities, and obligations of the Housing Board become the responsibility of the Central Government.
- All active contracts, agreements, and unfinished work of the Housing Board are taken over by the Central Government.
- All active licenses and permits that were given to the Housing Board now belong to and apply to the Central Government.
Practical examples
FAQ
1. Who takes over the assets, properties, and funds of the dissolved Housing Board?
The Central Government takes complete ownership and control of them.
2. What happens to the debts and borrowings of the Housing Board?
They are transferred to the Central Government, which becomes responsible for paying them back.
3. Do licenses and permits granted to the Housing Board remain valid?
Yes, they remain valid and are treated as if they were granted to the Central Government.
4. What happens to contracts that the Housing Board signed before the appointed day?
They remain active and are treated as if they were made with or for the Central Government.
Test yourself
1.On the dissolution of the Housing Board, who receives all of its rights and privileges?
2.Which of the following assets of the Housing Board do NOT vest in the Central Government upon dissolution?
3.What happens to the outstanding borrowings and liabilities of the Housing Board?
4.If the Housing Board had entered into a contract that was active right before the appointed day, what happens to it?
5.What happens to the licenses and permits granted to the Housing Board?