State Act
8
Section 8. Advances by State Government.
The Mackintosh Burn ( Taking Over Of Management ) Act, 1976
Act no. 41 of 19761976In forceWest Bengal (State Act)
8. (1) The State Government may, on the application made by the person or body of persons appointed under section 3 in this behalf, advance moneys to the company for the purpose of efficiently managing the business of the company and all such moneys shall be repaid by the company with such interest as may be prescribed. (2) Any money advanced to the company under sub-section (1) shall, subject to the prior payment of municipal rates and any sum due to Government on account of taxes or fees, be a first charge upon the undertaking of the company.