Section 52: Dissolution of Authority and transfer of its assets and liabilities to the

52. Dissolution of Authority and transfer of its assets and liabilities to the 2[Federal Government] and other agency determined by that Government.⎯ (1) The 2[Federal Government] may, by notification in the off icial Ga zette, dec lare that the Author ity shall be d issolved on such date as may be spec ified in such not ification, and the Author ity sha ll stand d issolved accord ingly. (2) On and from the said date⎯ (a) (i) all properties, funds and dues placed at the disposal of the Authority by the 2[FederalGovernment] ; and (ii) all properties, funds and dues exchanged for, derived from, or otherwise attributable to the properties, funds and dues referred to in sub­clause (i), which, immediately before the said date, were held by or were realisable by the Authority shall vest in, and be realisable by, the 2[Federal Government] ; (b) all properties, funds and dues, other than those referred to in cause (a), which, immediately before the said date, were vested in or were realisable by the Authority shall vest in and be realisable by such agency as the 2[Federal Government] may determine, and its decision thereon shall be final ; (c) all liabilities which, immediately before the said date, were enforceable against the Authority shall be assumed by and be enforceable against the 2[Federal Government]or such agency as the 2[Federal Government] determines under clause (b), as the case may be; (d) for the purpose of completing the execution of any scheme which has not been fully executed by the Authority and of realizing properties, funds and dues referred to in clause (a) and (b), the functions of the Authority under this Ordinance shall be discharged by the 2[Federal Government] or by the agency determined by the 2[Federal Government] under clauses (b) and (c), as the case may be; and (e) the agency referred to in clauses (b), (c) and (d) shall keep such accounts of all moneys respectively received and expended by it under this Ordinance, as the 2[Federal Government] may prescribe. 1Subs. by Act No. XXII of 1966, s. 14. 2Subs. by Federal Adaptation of Laws Order, 1975 Art. II and Table.

Effective date: 1960-01-01

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