Section 22 Disposal of assets created out of foreign contribution

Where any 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) who was permitted to accept 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 ... under this Act, ceases to exist or has become defunct, all the assets of 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) shall be disposed of in accordance with the provisions contained in any law for the time being in force under which 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) was registered or incorporated, and in the absence of any such law, the Central Government may, having regard to the nature of assets created out of 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 ... received under this Act, by notificationDefined in section 2(l): notification means notification published in the Official Gazette and the expression notify shall be construed accordingly, specify that all such assets shall be disposed off by such authority, as it may specify, in such manner and procedure as may be prescribedDefined in section 2(o): prescribed means prescribed by rules made under this Act.