Section 57
Order Of Priority Of Paying Liability
Payment of liability shall be made in the following priority while liquidating the Trust.
(a) Expense incurred during Liquidation,
(b) Remuneration and other residual amount to be received by staff or workers of the Trust,
(c) Amount of Investment Account Scheme, Citizen Unit Scheme and
(d) Debt amount, and
(e) Amount to be repaid to Government of Nepal.
(a) Expense incurred during Liquidation,
(b) Remuneration and other residual amount to be received by staff or workers of the Trust,
(c) Amount of Investment Account Scheme, Citizen Unit Scheme and
(d) Debt amount, and
(e) Amount to be repaid to Government of Nepal.
Citizen Investment Trust Act, 2047 (1991)
Chapter - 2
Section 3: Establishment Of TrustSection 4: Share Capital And ShareholderSection 5: Addition Or Reduction May Take Place In Share CapitalSection 6: To Be Published ProspectusSection 7: Application Of ShareSection 8: Share CertificateSection 9: Issuance Of DebentureSection 10: Transfer And Transmission Of SharesSection 11: Register Book Of ShareholderSection 12: Power To Take Loan And GrantSection 13: Payment For Share AmountSection 14: Owner In Share And Debenture
Chapter - 3
Chapter - 4
Section 21: General MeetingSection 22: Voting Right While Appointing DirectorSection 23: Matters To Be Submitted And Discussed In The General MeetingSection 24: Special General MeetingSection 25: Formation Of Board Of DirectorsSection 26: Disqualification To Be Appointed In Or Hold The Post Of DirectorSection 27: Remuneration And Allowance Of DirectorsSection 28: Power Of Board Of DirectorsSection 29: Meeting Of The CommitteeSection 30: Liability Of DirectorsSection 31: Recognition Of The Work Already Completed
Chapter - 5
Section 32: Function And Duties Of The TrustSection 32A: Trust May Work As A Debenture TrusteeSection 32B: Trust May Work As A CustodianSection 33: Power To Put ConditionsSection 34: Special Rebate For The TrustSection 35: Power Of The Trust In Case Of Breach Of AgreementSection 36: Power To Call Back The Payment Of Loan Before Expiring The Pay Back Date
Chapter - 7
Section 42: Provision Of StaffSection 43: Technical Sub- CommitteeSection 43A: Trust May Designate TrusteeSection 44: Oath To Be TakenSection 45: Power Of The Government Of Nepal To Withhold CommitteeSection 46: Liaison With Government Of NepalSection 47: Annual ReportSection 48: Government Of Nepal May Issue Order Or DirectionSection 49: Nepal Rastra Bank May Issue Order Or DirectionSection 50: Inspection And InquirySection 51: XxxxxxxSection 52: Privilege Of The TrustSection 53: Security Of Debt Investment Of TrustSection 54: Secrecy To Be MaintainedSection 55: Dissolution Of Trust May HappenSection 56: Appointment Of LiquidatorSection 57: Order Of Priority Of Paying LiabilitySection 58: PenaltySection 59: Power To Make Bye-law