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Release of the Company from certain liabilities.
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2.—(1) In this section the expression “the advances under the repealed Act and the Principal Act” means—
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(a) the advances made to the dissolved company under section 9 of the repealed Act, and
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(b) the advances made to the Company under section 10 of the Principal Act.
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(2) The Minister for Finance shall, as soon as may be after the 30th September, 1947, issue a certificate in writing certifying—
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(a) the sum (in this section referred to as the certified value of the assets of the Company) which in his opinion represents the value of the assets of the Company as on the 30th day of September, 1947,
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(b) the sum (in this section referred to as the certified liabilities of the Company) due to the Minister by the Company on the 30th day of September, 1947, on foot of the advances under the repealed Act and the Principal Act and the interest thereon.
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(3) On the date of the issue of the certificate mentioned in subsection (2) of this section, the Company shall, by virtue of this subsection, stand released from the liability to pay to the Minister so much of the certified liabilities of the Company as is equal to the difference between the certified value of the assets of the Company and the certified liabilities of the Company.
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