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Section 12 – The Administration of Evacuee Property (Central) Rules,1950

The Administration of Evacuee Property (Central) Rules,1950

 

 

12. Mode of taking possession of other moveable property.

 

(1) Where the property to be taken possession of is a debt or a legacy or interest payable on a debt or a legacy, possession may be taken by serving the party liable with a notice, requiring such party to pay the same to the Custodian or any other person authorized by him to receive the payment.

 

(2) Where such property i s a share in a joint- stock company, not being a joint-stock company referred to in sub-clause (ii) of Cl. (f) of Sec. 2 of the Act, possession may be taken by informing the principal officer of such company that the share has vested in the Custodian.

 

(3) Where such property consists of Government or other securities, stock, or debentures, possession may be taken by serving upon the appropriate authority notice requiring such authority to make all payments in respect of such securities, stock, or debentures to the Custodian or any other person authorized by him in this behalf.

 

(4) Where such property is a running business, or a share in such business the Custodian may take possession of the stock-in.-trade and other assets of the business and may further take such steps as he considers necessary cither for the continuance or for the winding up of such business.

 

 

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The Administration of Evacuee Property (Central) Rules,1950

 

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