Section 28: Assets and liabilities of the dissolved company

28. Assets and liabilities of the dissolved company.__ (1) On the commencement of this Act, there shall be transferred to and vested in the Institute all the assets and liabilities of the dissolved company. (2) The assets of the dissolved company shall be deemed to include all rights and powers, and all property, whether moveable, or immoveable, of the company, including, in particular, cash balance, reserve funds, investment deposits and all other interests and rights in or arising out of such property as may be in the possession of the dissolved company; and all books of accounts or documents, of the dissolved company, and the liabilities of the dissolved company shall be deemed to include all debts, liabilities and obligations of whatever kind of that company existing immediately before the commencement of this Act. 1Subs. by F.A.O.., 1975, Art. 2 and Table, for “Central Government”. (3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the dissolved company is a party, subsisting or having effect immediately before the commencement of this Act, shall have full force and effect against or in favour of the Institute, as the case may be, and may be enforced as fully and effectively as if, instead of the dissolved company, the Institute had been a party thereto. (4) If, on the commencement of this Act, any suit, appeal or other legal proceedings of whatsoever nature by or against the dissolved company is pending the same shall not abate, be discontinued or be in any way prejudicially affected, by reason of the transfer to the Institute of the assets and liabilities of the dissolved company or of anything contained in this Act, but the suit, appeal or other proceedings may be continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent as it would have been continued, prosecuted and enforced by or against the dissolved company if this Act had not been passed.

Effective date: 1966-01-01

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