Section 47(2) in Road Transport Corporations Act, 1950
(2)On the establishment of a Corporation under section 3 in the State of Bombay (hereinafter referred to as the new Corporation),(a)the existing Corporation and Board shall be deemed to be dissolved and shall cease to function;(b)all property and assets vesting in the existing Corporation shall vest in the new Corporation;(c)all rights, liabilities and obligations of the existing Corporation, whether arising out of any contract or otherwise,shall be the rights, liabilities and obligations, respectively, of the new Corporation; and(d)all licences and permits granted to, all contracts made with,and all instruments executed on behalf of, the existing Corporation or Board shall be deemed to have been granted to, made with or executed on behalf of,the new Corporation and shall have effect accordingly.[47-A. Special provision for reconstitution or dissolution of certain Corporations [Inserted by Act 87 of 1956, Section 2.]
