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The Andhra Pradesh reorganization Act, 2014 52. Investments and credits in certain funds. 1. The securities held in respect of the investments made from Cash Balances Investment Account or from any Fund in the Public Account of the existing State of Andhra Pradesh as specified in the Seventh Schedule shall be apportioned on the basis of population ratio of the successor States: Provided that the securities held in investments made from the Calamity Relief Fund of the existing State of Andhra Pradesh shall be divided in the ratio of the area of the territories occupied by the successor States. 1. 2. The investments of the existing State of Andhra Pradesh immediately before the appointed day in any special fund, the objects of which are confined to a local area, shall belong to the State in which that area is included on the appointed day: Provided that the investments in such special funds on multiple entities situated in different parts of the existing State, and such parts fall within the territories of the States of Andhra Pradesh and Telangana, shall be apportioned between the successor States on the basis of population ratio. 3. The investments of the existing State of Andhra Pradesh immediately before the appointed day in any private, commercial or industrial undertaking, the objects of which are confined to a local area, shall belong to the successor State in which such area is included on the appointed day: Provided that investments in such entities, having multiple units situated in different parts of the existing State, and such parts fall within the territories of the States of Andhra Pradesh and Telangana, shall be apportioned between the successor States on the basis of population ratio. 4. Where any body corporate constituted under a Central Act, State Act or Provincial Act for the existing State of Andhra Pradesh or any part thereof has, by virtue of the provisions of Part II, become an inter-State body corporate, the investments in, or loans or advances to, any such body corporate by the existing State of Andhra Pradesh made before the appointed day shall, save as otherwise expressly provided by or under this Act, be divided between the States of Andhra Pradesh and Telangana in the same proportion in which the assets of the body corporate are divided under the provisions of this Part.    |
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