Topic: Section 122. Lapse and credit to Government of unclaimed dividends

1[Lapse and credit to Government of unclaimed dividends. Where the official assignee has under his control any dividend which has remained unclaimed for fifteen years from the date of declaration or such less period as may be prescribed, he shall pay the same to the account and credit of 2[the State Government], unless the Court otherwise directs.

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1. This section has been amended in its application to Bombay by s.8, ibid

2. Subs. by the A.O.1937 for "the Govt.of India".