Technology Development Board Act, 1995
10. Transfer of money
receipts and liabilities. On and from the commencement of this Act,-
- the moneys
standing at the credit of the Venture Capital Fund formed under section
5 of the Research and Development Cess Act, 1986 (32 of 1986.) which is
part of the Development Assistance Fund established by the
Development Bank under section 14 of the Industrial Development
Bank of India Act, 1964 (18 of 1964.) Shall Stand transferred to and vests
in the Board;
- all sums
of money due to the Development Bank
immediately before such commencement shall be deemed to be due
to the Board;
- all debts,
obligations and liabilities incurred, all contracts or
agreements entered into and all matters and things
engaged to be done by, with or for the Development Bank
immediately before such commencement for or
in connection with the 'purpose of the Venture Capital Fund shall be
deemed to have been incurred, entered into or
Engaged to be done by, with or for the Board; and
- all suits and
other, legal proceedings instituted or which could
have been instituted by or against
the Development Bank immediately before such commencement may be continued
or instituted by or against the Board.
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