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Section 43 - Death or insolvency in certain cases : Foreign Exchange Management Act 1999

 

 

What is the procedure in Death or insolvency in certain cases? Section 43 of FEMA Act 1999

Section 43 of Foreign Exchange Management Act 1999 : "Death or insolvency in certain cases"

43. Any right, obligation, liability, proceeding or appeal arising in relation to the provisions of section 13 shall not abate by reason of death or insolvency of the person liable under that section and upon such death or insolvency such rights and obligations shall devolve on the legal representative of such person or the official receiver or the official assignee, as the case may be :

Provided that a legal representative of the deceased shall be liable only to the extent of the inheritance or estate of the deceased.

 
 

FEMA ACT 1999

Section 41 - Power of Central Government to give directions

Section 42 - Contravention by companies

Section 43 - Death or insolvency in certain cases

Section 44 - Bar of legal proceedings

Section 45 - Removal of difficulties

 

 

Section 46 - Power to make rules

Section 47 - Power to make regulations

Section 48 - Rules and regulations to be laid before Parliament

Section 49 - Repeal and saving

 

 

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