Section 15 Management of foreign contribution of person whose certificate has been cancelled or surrendered
- Chapter
- III · Registration
- Amendments
- 1
(1) The foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... and assets created out of the foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... in the custody of every personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) whose certificateDefined in section 2(e): certificate means certificate of registration granted under sub section (3) of section 12 has been cancelled under section 14 The words "or surrendered", in the heading and in sub-section (1), inserted by Foreign Contribution (Regulation) Amendment Act, 2020, s. 10, dated 28th September, 2020, with effect from 29 September 2020or surrendered under section 14A shall vest in such authority as may be prescribedDefined in section 2(o): prescribed means prescribed by rules made under this Act.
(2) The authority referred to in sub-section (1) may, if it considers necessary and in public interest, manage the activities of the personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) referred to in that sub-section for such period and in such manner, as the Central Government may direct and such authority may utilise the foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... or dispose of the assets created out of it in case adequate funds are not available for running such activity.
(3) The authority referred to in sub-section (1) shall return the foreign contributionDefined in section 2(h): foreign contribution means the donation, delivery or transfer made by any foreign source,— (i) of any article, not being an article given to a person as a gift for his personal use, if the market value, in India, of such article, on the date of such gift, is not more than such sum as may be specified from time to ... and the assets vested upon it under that sub-section to the personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) referred to in the said sub-section if such personDefined in section 2(m): person includes— (i) an individual; (ii) a Hindu undivided family; (iii) an association; (iv) a company registered under section 25 of the Companies Act, 1956 (1 of 1956) is subsequently registered under this Act.