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Section 23 -Air Corporations Act, 1953

Air Corporations Act, 1953

 

 

23. Right of Corporations to disclaim certain agreements.—

 

 

(1) Where it appears to either of the Corporations that the making of any such agreements as is referred to in section 22 under which the Corporation has or will have or may have liabilities was not reasonably necessary for the purposes of the activities of the existing air company or has not been entered into in good faith, the Corporation may, within 1[one year] from the appointed date, apply to the Tribunal for relief from such agreement, and the Tribunal, if satisfied after making such inquiry into the matter as it thinks fit that the agreement was not reasonably necessary for the purposes of the activities of the existing air company or has not been entered into in good faith, may make an order cancelling or varying the agreement on such terms as it may think fit to impose and the agreement shall thereupon have effect accordingly.

 

(2) All the parties to the agreement which is sought to be cancelled or varied under this section shall be made parties to the proceeding.

 

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1. Subs. by Act 10 of 1954, sec. 3 (w.e.f. 30-1-1954).

 

 

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Air Corporations Act, 1953

 

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