Amendment status not verified — confirm the current text below against the official source.
(1) Where, on or after the 15th day of January 1976, Exclusion of but before the date of publication ofthis Act in the ~ a ~ i l t ! ~ ~ for limits- Nadu Government Gazette, any suit for the recovery of any ~ ~ ~ sum due to any company which is declared to be a Nidhi pf proceedings or Mutual Benefit Society under sub-section (I) of section In respect of 620-A of the Companies Act, 1956 (Central Act 1 of 1956), suits could have been instituted or any application for the execu- and appi.catiOns. tion of a decree passed in any suit could have been made * For Statement of Objects and Reasons, see Tamil Nadu Govern- ment Gazette Extraordinary, dated the 31st March 1978, Part IV- Section I, Pages 343-344. but for the fact that the institution ofthe suit or the making of the application was barred by section 3 of the Tamil Nadu Indebted Agriculturists (Temporary Relief) Act, 1976 (President's Act 15 of 1976), or section 4 of the Tamil Nadu Indebted Persons (Temporary Relief) Act, 1976 (President's Act 16 of 1976), as the case may be, then, in computing the period of limitation or limit of time pres- cribed for such suit or application, the period commencing . on and from the 15th day of January 1976 and ending with the date of publication of this Act in the Tamil Nadu Government Gakette shall be excluded. (2) Where any proceedings in any of the suits or applications of the nature mentioned in sub-section (1) were stayed by sub-section (1) of section 4 of the Tamil Nadu Indebted Agriculturists (Temporary Relief) Act, 1976 (President's Act 15 of 1976), or of section 5 of the Tamil Nadu Indebted Persons (Temporary Relief) Act, 1976 (Preisdents' Act 16 of 1976), as the case may be, the stay effected in respect of such proceedings by sub-section (1) of the said section 4 or 5, as the case may be, shall stand dissolved and such suit or application shall be pro- ceeded with from the stage which had been reached when further proceedings in such suit or application were stayed, ~ e ~ ~ ~ ~ l of