Bare ActsThe Punjab State Aid to Industries Act, 1935

Section 40

Amendment status not verified — confirm the current text below against the official source.

(1) If thc machinery is seized and taken away under sccrion Oplion of 39 he hirer shall have the option to be exercised w i h h one month alter hirer to purc hasc such a seizure or such longer period as may be allowed by the Director machinery in this- bchall. of purchasing the same by payment to the Director of Ihc ,,i,,d for un-paid balance of the cost thcrccf, together with such other amounts as default. may be due, and the cost ol and expenscs incidental to such scizure and removal. I (2) If within ~ h c period specified in sub-section (I) the hirer .does noicxcrcise rhe option of purchase, the Director shall proceed lo dispose of the machinery.

Section 40 – The Punjab State Aid to Industries Act, 1935 | DailyLaw.ai