Amendment status not verified — confirm the current text below against the official source.
Uidisbursed or u'i;claimed amounts to .be, deposited to the generl revenue accbunt.—Any amount paid to the Commissioner which remaihs undisbursed or unclaimed for a. period of three years from the, last on which the d1sbursemënt was made, shall be transferred by the Commissioner to the general revenue account of the overnment,, but a clai!$ to any money so transferred may be preferred to the Government by the person entitled to such payment and shall be dealt with' as if such tranhfer had not been'made, 'the order, 'if any, for payment of the' claim ., beidg treated as an order for the refund' of, revenue. . . I . ' CHAPTER VII MISCELLANEOUS Assumption of Iiabiiity.—(1) Where any liability of the tertaking arising out of any claim specified inategory 'I, Category, II or :egoiy. 11'! or Category IV in:'the Second 'Schedule is' not discharged y by the Commissioner out of the amount paid to, him, under this Act, Commissioner shall mtimate in wntmg to the Government the extent of liability which remains widischarged, and that liability shall' be ,assumed the Government. '(2) The liability, assumed by the Government under sub-section (1) shall be discharged by payment of the amount of the liability in negotiable bonds redeemable after the expiry of ten years and carrying simple mterpst at the rate of seven and a half per cent per annum with effect from the dàte of, commencement of this Act. ' Act to over-ride a/I' other enaiment..—The provisions of this Act shall have effect notwithstanding 'anything inconsistent therewith contained in any other law for the time being in 'force, or in any instrument having effect by virtue of any 'law other.than this Act,or 'in'. any ecree or order of any court, tribunal orauthority. • contracts' to cçase to have effect unless ratified by the State Indusfrthl Development Corporation.—(i) Bvry contract entered into by the owner or occupier of the undertaking for any service, sale or supply and in force ünmodiàtely before the date of cOmmencement ,of this 331637120181S-3. Act, shall, on and from the expiry of one hundred and eighty days from the said date cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the State Industrial Development Corporation, and in ratifying such contract the State Industrial Development Corporation, may, with the previous approval of the Government, make such alterations or modifications therein as it may think fit: Provided that the State Industrial Development Corporation shall not omit to ratiI' a contract, and shall not make any alteration or modification in a contract unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the undertaking. (2) The State Industrial Development Corporation shall not omit to rati1' a contract, and shall not make any alteration or modification therein except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reason for refusal to ratify the contract or for making any alteration or modification therein.