alleryStart learning →Assets of a defunct permitted person are first disposed of under which law (s.22)?
AIncome-tax Act, 1961
BBanking Regulation Act
CCivil Procedure Code
DLaw of its registration
Answer & Solution
Correct answer: D. Law of its registration
Section 22 directs disposal under the law under which the person was registered or incorporated, failing which the Centre notifies an authority.
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