Deposits of bills for collection: mandatory deposit with Reserve Bank and proceeds credited, with charges recoverable from payors. Bills, cheques, hundies, notes and similar securities payable to a company in the charge of the official liquidator must be deposited by the official liquidator with the Reserve Bank for presentation and payment; realised proceeds are credited by the Reserve Bank to the official liquidator's account and any discount or bank charges on realisation are recoverable from the persons making payment.
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Provisions expressly mentioned in the judgment/order text.
Deposits of bills for collection: mandatory deposit with Reserve Bank and proceeds credited, with charges recoverable from payors.
Bills, cheques, hundies, notes and similar securities payable to a company in the charge of the official liquidator must be deposited by the official liquidator with the Reserve Bank for presentation and payment; realised proceeds are credited by the Reserve Bank to the official liquidator's account and any discount or bank charges on realisation are recoverable from the persons making payment.
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