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Section 6 – The Railway Companies (Emergency Provisions) Act,1951

The Railway Companies (Emergency Provisions) Act,1951

Section 6. Statement of affairs to be made to directors

(1) On the issue of a notified order under section 3, there shall made out and submitted to the directors a statement as to the affairs of the railway company, verified by affidavit and containing the following particulars, namely:–

(a) The assets of the railway company, stating separately the cash balance in hand and at the bank, if any;

(b) The debts and liabilities;

(c) The names, residences and occupations of the creditors, stating separately the amount of secured debts and unsecured debts and, in the case of secured debts, the particulars of the securities, their value and the dates when they were given;

(d) The debts due to the railway company and the names residences and occupations of the persons from whom they are due and the amount likely to be realised therefrom;

(e) Such other particulars as may be prescribed.

(2) The statement shall be submitted by one or more of the persons who was or were holding office as a director or as directors of the railway company immediately before the issue of the notified order under section 3 or by the secretary, manager or other chief officer of the railway company who was holding office as such before the issue of the notified order as the directors may require in each case, and the statement shall be submitted within such time as may be so required.

(3) If any person, without any reasonable excuse, knowingly and wilfully makes default in complying with the requirements of this section, he shall be punishable with imprisonment which may extend to three months, or with fine which may extend to five hundred rupees, or with both.

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The Railway Companies (Emergency Provisions) Act,1951

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