Section 28(3) in The Industrial Finance Corporation Act, 1948
(3)The Corporation shall have the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of security held by it, as it had with respect to the original goods.[(3-A) ] [Inserted by Act 78 of 1952, Section 17. ][Where any action has been taken against an industrial concern] [ Substituted by Act 74 of 1972, Section 16, for certain words.][under the provisions of sub-section (1), all costs, charges and expenses ] [Inserted by Act 78 of 1952, Section 17. ] [which, in the opinion of the Corporation, have been properly incurred by it] [ Substituted by Act 43 of 1957, Section 9, for properly incurred by it" (w.e.f. 21.12.1957).] [as incidental thereto] [ Substituted by Act 74 of 1972, Section 16, for certain words.][shall be recoverable from the industrial concern, and the money which is received by it ] [Inserted by Act 78 of 1952, Section 17. ] [* * *] [ Certain words omitted by Act 74 of 1972, Section 16.][shall, in the absence of any contract to the contrary, be held by it in trust to be applied, firstly, in payment of such costs, charges and expenses and, secondly, in discharge of the debt due to the Corporation, and the residue of the money so received shall be paid to the person entitled thereto. ] [Inserted by Act 78 of 1952, Section 17. ]
