Dissolution of the Institute of Cost and Works Accountants registered under the Companies Act,
1956.
30. On the commencement of this Act,—
(a) the company known as the Institute of Cost and Works Accountants registered under the
Companies Act, 1956 (1 of 1956), shall be dissolved and thereafter no person shall make,
assert or take any claims, demands or proceedings against the dissolved company or
against any officer thereof in his capacity as such officer except insofar as may be
necessary, for enforcing the provisions of this Act;
(b) the right of every member to or in respect of the dissolved company shall be extinguished,
and thereafter no member of that company shall make, assert or take any claims or
demands or proceedings in respect of that company except as provided in this Act.
Transfer of assets and liabilities of the dissolved company to the Institute.
31. (1) On the commencement of this Act, there shall be transferred to and vested in the Institute
all the assets and liabilities of the dissolved company.
(2) The assets of the dissolved company shall be deemed to include all rights and powers, and all
property, whether movable or immovable of the company, including, in particular, cash balances,
reserve funds, investments, deposits and all other interests and rights in or arising out of such
property as may be in the possession of the dissolved company and all books of accounts or
documents of the dissolved company; and the liabilities shall be deemed to include all debts,
liabilities and obligations of whatever kind then existing of that company.
(3) All contracts, debts, bonds, agreements and other instruments of whatever nature to which the
dissolved company is a party, subsisting or having effect immediately before the commencement
of this Act, shall be of as full force and effect against or in favour of the Institute, as the case may
be, and may be enforced as fully and effectively as if instead of the dissolved company, the
Institute had been a party thereto.
(4) If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever
nature by or against the dissolved company is pending, the same shall not abate, be discontinued
or be in any way prejudicially affected by reason of the transfer to the Institute of the assets and
liabilities of the dissolved company or of anything contained in this Act, but the suit, appeal or
other proceeding may be continued, prosecuted and enforced by or against the Institute, in the
same manner and to the same extent as it would or may be continued, prosecuted and enforced
by or against the dissolved company if this Act had not been passed.
Provisions respecting employees of the dissolved company.
32. (1) Every person employed in the dissolved company prior to the 1st day of September, 1958,
and still in its employment immediately before the commencement of this Act shall, as from such
commencement, become an employee of the Institute, shall hold his office or service therein by
the same tenure and upon the same terms and conditions and with the same rights and privileges
as to pension and gratuity as he would have held the same under the dissolved company if this
Act had not been passed, and shall continue to do so unless and until his employment in the
Institute is terminated or until his remuneration, terms and conditions of employment are duly
altered by the Institute.
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(2) Notwithstanding anything contained in the Industrial Disputes Act, 1947 (14 of 1947), or in any
other law for the time being in force, the transfer of the services of any employee of the dissolved
company to the Institute shall not entitle any such employee to any compensation under that Act
or other law, and no such claim shall be entertained by any court, tribunal or other authority.