Amendment status not verified — confirm the current text below against the official source.
(1) Where any liability of the Company arising out of any item specified in Category I of the Schedule is not discharged fully by the Commissioner out of the amounts paid to him under this Act, the Commissioner shall intimate in writing to the State Government the extent of the liability which remains undischarged and that liability shall be assumed by the State Government. (2) The State Government may, by order, direct the Company to take over the liability assumed by the State Government under sub-section (1), and, on receipt of such direction, it shall be the duty of the Company to discharge such liability. Undisbursed or unclaimed amount to be deposited to the general revenue account. Act to have overriding effect. Assumpion of liability.