Section 35 of The Haryana and Punjab Agricultural Universities Act, 1970 in hindi
Division of assets and liabilities.
On the commencement of this Act, the assets and liabilities of the existing University shall stand transferred to, and shall vest in, the Haryana Agricultural University and the Punjab Agricultural University and shall be apportioned between such Universities in accordance with the following principles, namely:--
- (a)(i) any asset of the existing University which is, immediately before the commencement of this Act, in the State of Haryana, and every right to such property, shall stand transferred to, and shall vest in, the Haryana Agricultural University;
- (ii)every other asset and every right thereto shall stand transferred to, and shall vest in, the Punjab Agricultural University;
- (b)(i) every liability of the existing University which is relatable to any unit or asset in the State of Haryana shall, if subsisting immediately before the commencement of this Act, be the liability of the Haryana Agricultural University;
- (ii)every other liability of the existing University, if subsisting on such commencement, shall be the liability of the Punjab Agricultural University;
- (c)the cash balances (whether in the form of cash, bank or security deposits) and reserve funds held by the existing University, immediately before the commencement of this Act, shall, after deducting all the liabilities of the existing University up to such commencement, be apportioned between the Haryana Agricultural University and the Punjab Agricultural University in the ratio of 40:60;
- (d)every contract made by the existing University before the commencement of this Act shall, if subsisting at such commencement, be deemed to have been made--
- (i)in the case of a contract which is relatable to any asset or unit of the existing University in the State of Haryana, by the Haryana Agricultural University;
- (ii)in any other case, by the Punjab Agricultural University;
- (e)every share, debenture, bond and other investment made by the existing University shall be valued on the basis of average market value thereof during one year immediately before the commencement of this Act, and the value so determined shall be apportioned between the Haryana Agricultural University and the Punjab Agricultural University in the ratio of 40:60;
- (f)every borrowing made by the existing University before the commencement of this Act shall, if the liability is subsisting on such commencement, be repaid together with the interest due thereon by the Haryana Agricultural University and the Punjab Agricultural University in the ratio of 40:60;
- (g)the Provident Fund and accruals thereto of every officer or other employee of the existing University shall stand transferred to the corresponding University in which he has been posted on the date of the commencement of this Act. Explanation.--For the purposes of this section, "asset" shall be deemed to include all property, movable and immovable, rights, powers, authorities and privileges, and all other rights and interests arising out of such property as were immediately before the commencement of this Act in the ownership, possession, power or control of the existing University, and all books of accounts, registers, records and all other documents of whatever nature relating thereto and shall also be deemed to include all obligations of whatever kind then subsisting of the existing University.
Summary
- Assets like buildings and land located in Haryana are given to the Haryana Agricultural University.
- All other assets and rights are transferred to the Punjab Agricultural University.
- Debts and liabilities follow the same rule: if they relate to a unit in Haryana, they belong to the Haryana university.
- Cash balances, reserve funds, and investments are split between the two universities in a ratio of 40 for Haryana and 60 for Punjab.
- Employee provident funds move to whichever university the employee is assigned to on the day the Act starts.
Practical examples
FAQ
1. How do they decide who gets a specific piece of machinery?
If the machinery is located in Haryana, it goes to the Haryana Agricultural University. Otherwise, it goes to Punjab.
2. What is the exact split for the money left in the bank?
The ratio is 40 for Haryana and 60 for Punjab.
3. What happens to a contract signed by the old university?
If it relates to an asset in Haryana, it is now a Haryana university contract. In any other case, it belongs to Punjab.
4. How are investments like stocks or bonds valued for the split?
They are valued based on their average market value during the one year before the Act started.
5. Does "asset" only mean physical property?
No, the Act says assets include rights, powers, privileges, and even books of accounts or records.
Test yourself
1.Under Section 35 of The Haryana and Punjab Agricultural Universities Act, 1970, what is the ratio for splitting cash balances between Haryana and Punjab?
2.According to Section 35 of The Haryana and Punjab Agricultural Universities Act, 1970, who gets an asset that is located in the State of Haryana?
3.Under Section 35 of The Haryana and Punjab Agricultural Universities Act, 1970, how is the value of university investments determined for the split?
4.What happens to an employee's provident fund under Section 35 of The Haryana and Punjab Agricultural Universities Act, 1970?