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Technology Development Board Act, 1995

10.  Transfer of money receipts and liabilities. On and from the commencement of this Act,-

  1. 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 vests in the Board;
  2. all  sums  of  money  due  to  the  Development  Bank immediately  before such commencement shall be deemed  to  be due to the Board;
  3. 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 Fund shall  be  deemed  to have been  incurred,  entered  into  or Engaged to be done by, with or for the Board; and
  4. 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.


Technology Development Board Act, 1995 Back




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