BSERT Scheme 4

धारा 4 · Transfer of Assets, Liabilities etc. to the State

- 4.1 On and from the effective date, the assets and all interests, rights and liabilities of the Board as specified in such of the Schedules 'A' to 'E', as per the decision of the State Government, shall stand transferred to and vest in the State Government for the purposes of further transfers under this Scheme without any further act or thing to be done by the State Government or Board or any person, subject to the terms and conditions specified in the Act and this Scheme.

4.2

The assets and liabilities specified in Schedule - 'E' shall not form part of the assets and liabilities to be transferred to the proposed successor companies as classified in Schedules - 'A' to 'D' but shall form part of residuary assets and liabilities to be retained by the State Government. However, outstanding State Govt. Loans and interest thereon receivable from board will continue to be shown as recoverable from board in the books of State Govt., pending final adjustment between board and State Govt.

4.3Nothing in sub-clause 4.1 above shall apply to rights, responsibilities, liabilities and obligations in respect of the personnel and personnel related matters including statutory dues such as salary, wages, gratuity, pension, provident fund, compensation, terminal and retirement benefits and the same shall be dealt with in the manner provided under Clause 6 of this Scheme.

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