Section 10 of The Technology Development Board Act, 1995 — Transfer of money receipts and liabilities
Bare section text
Official Legislative Text
On and from the commencement of this Act,--
- (a)the moneys standing at the credit of the Venture Capital Fund formed under section 5 of the Research and Development Cess Act, 1986 (32 of 1986) which is part of the Development Assistance Fund established by the Development Bank under section 14 of the Industrial Development Bank of India Act, 1964 (18 of 1964) shall stand transferred to and vest in the Board;
- (b)all sums of money due to the Development Bank immediately before such commencement shall be deemed to be due to the Board;
- (c)all debts, obligations and liabilities incurred, all contracts or agreements entered into and all matters and things engaged to be done by, with or for the Development Bank immediately before such commencement for or in connection with the purpose of the Venture Capital Fundshall be deemed to have been incurred, entered into or engaged to be done by, with or for the Board; and
- (d)all suits and other legal proceedings instituted or which could have been instituted by or against the Development Bank immediately before such commencement may be continued or instituted by or against the Board.
Educational Study Layer
Summary
- This section manages the transition from old systems to the new Board.
- Money from the old "Venture Capital Fund" (created in 1986) moves to the Board.
- Any money people owed to the "Development Bank" regarding that old fund is now owed to the Board.
- All old contracts, debts, and obligations made by the Development Bank for that fund are now the Board's responsibility.
- Any ongoing lawsuits or legal proceedings involving the old fund are continued by or against the Board.
- This transfer happens automatically on the date the Act begins.
Practical examples
FAQ
1. What happened to the old Venture Capital Fund?
It was moved and now belongs to (is "vested in") the Technology Development Board.
2. If I had a contract with the Development Bank for technology research, is it still valid?
Yes, all contracts and agreements are deemed to have been entered into by the Board once the Act starts.
3. Does the Board have to pay the old debts of the Venture Capital Fund?
Yes, all debts, obligations, and liabilities move to the Board.
Practice Quiz
Q1.Under Section 10 of The Technology Development Board Act, 1995, what happens to money in the old Venture Capital Fund?
Q2.Under Section 10 of The Technology Development Board Act, 1995, who takes over the lawsuits (suits) that were previously against the Development Bank regarding the Venture Capital Fund?
Q3.Under Section 10 of The Technology Development Board Act, 1995, money due to the Development Bank before the Act started is now:
Q4.Under Section 10 of The Technology Development Board Act, 1995, when do these transfers of money and liabilities occur?
Q5.Under Section 10 of The Technology Development Board Act, 1995, what happens to contracts entered into by the Development Bank for the purpose of the Venture Capital Fund?