Sea Fisheries Act, 1952

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Payment in respect of shares in dissolved body.

31.—(1) On or as soon as may be after the commencement of this Part the Board shall pay to each person who was, on the day before such commencement the registered holder of any share or shares of the dissolved body (in this section referred to as a shareholder) and who applies to the Board for payment, the sum paid by him to the dissolved body for each share held by him.

(2) Where the shareholder is indebted to the Board as successor to the dissolved body, the Board shall set-off the sum paid by him for shares against the debt and only the balance, if any, shall be repayable under subsection (1).

(3) The sum paid to a shareholder in accordance with this section shall be accepted by him in lieu of and in satisfaction of all rights and claims in respect of the shares of the dissolved body held by him.