Provincial Insolvency (Punjab Amendment) Act, 1939

The Provincial Insolvency (Punjab Amendment) Act, 1939

Punjab Act 3 of 1939

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Received the assent of His Excellency the Governor on the 18th April, 1930 and was first published in the Punjab Government Gazette Extraordinary, dated 20th April, 1939.

An Act to amend the Provincial Insolvency Act, 1920, in its application to Punjab.

It is hereby enacted as follows :-

1. Short title and extent.- (1) This Act may be called the Provincial Insolvency (Punjab Amendment) Act, 1939.

(2) It extends to [Punjab].

2. Amendment of section 60 of Act V of 1920.- After sub-section (2) of section 60 of the Provincial Insolvency Act, 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 land as defined in the Punjab Tenancy Act, 1887, no such land shall be temporarily alienated 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 temporary alienation in such form and for such period as may be legally permissible and as he thinks fit; 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."