Provincial Insolvency (Himachal Pradesh Amendment) Act, 1969*
| [Himachal Pradesh Act No. 31 of 1969]1 | [24th December, 1969] |
An Act to amend the Provincial Insolvency Act, 1920 (Central Act No. 5 of 1920) in its application to the [State]2 of Himachal Pradesh.
Be it enacted by the Legislative Assembly of Himachal Pradesh in the Twentieth Year of the Republic of India as follows:-
1. For Statement of Objects and Reasons see R.H.P. Extra., 31-5-1969 p. 391.
Amended, repealed or otherwise affected by,-
(i) A.O. 1973 published in R.H.P. Extra., dated 20-1-1973 p. 91-112.
(ii) H.P. Act No. 8 of 1974.
2. Sub-s. for "Union Territory" by A.O. 1973.
* Received the assent of the President of India on the 24th December, 1969, and was published in R.H.P. Extra, dated 6th February, 1970, p. 36.
1. Short title and extent.- (1) This Act may be called the Provincial Insolvency (Himachal Pradesh Amendment) Act, 1969.
(2) It extends to the whole of Himachal Pradesh.
2. Amendment of section 60.- After sub-section (2) of section 60 the Provincial Insolvency Act, 1920 (Central Act No. 5 of 1920), the following new sub-section shall be added:-
"(3) In particular and without prejudice, to the generality of sub-section (2), when the whole or any part of the estate of an insolvent consists of fend as defined in 1[the Himachal Pradesh Tanancy and land Reforms Act, 1972] no such land shall be temporarily ??? by the receiver; but after the other property of the insolvent has been realised, the court shall proceed in the manner provided in sub-section (1), and the Collector shall thereupon proceed to raise the amount required by means of a temporary alienation in such form and for such period as may be legally permissible and as he thinks it; and shall hold at the disposal of the court all sums which may thereby come to his hands:
Provided that such portion of the land shall be exempted from alienation as in the opinion of the Collector, having regard to the income of the judgment-debtor from all sources except such income as, is dependent on the will of another person, is sufficient to provide for the maintenance of the insolvent and the members, of his family who are dependent on him, and such portion shall be deemed not to form part of the estate under administration."
1. Sub-s. by H.P. Act No. 8 of 1974, Sec. 126(c).
3. Repeal and savings.- The Provincial Insolvency (Punjab Amendment) Act, 1939 (3 of 1939) as in force in the areas added to Himachal Pradesh under section 5 of the Punjab Re-organisation Act, 1966 (31 of 1966) is hereby repealed:
Provided that anything done or any action taken under the said Act shall fee deemed to have been done or taken under this Act.