Page:Jammu and Kashmir Reorganisation Act, 2019.pdf/22

 22 83. (1) The award made by the Fourteenth Finance Commission to the existing State of Jammu and Kashmir shall be apportioned between the successor Union territory of Jammu and Kashmir; and Union territory of Ladakh by the Central Government on the basis of population ratio and other parameters:
 * Provided that on the appointed day, the President shall make a reference to the Union Territories Finance Commission to take into account the resources available to the successor Union territory of Ladakh and make separate award for the successor Union territory of Ladakh:
 * Provided that on the appointed day, the President shall make a reference to the Fifteenth Finance Commission to include Union territory of Jammu and Kashmir in its Terms of Reference and make award for the successor Union territory of Jammu and Kashmir.
 * (2) Notwithstanding anything in sub-section (1), the Central Government may, having regard to the resources available to the successor Union territory of Ladakh make appropriate grants and also ensure that adequate benefits and incentives in the form of special development package are given to the backward areas of this region.

PART XI APPORTIONMENT OF ASSETS AND LIABILITIES

84. (1) The provisions of this Part shall apply in relation to the apportionment of the assets and liabilities of the existing State of Jammu and Kashmir immediately before the appointed day, between the successor Union territory of Jammu and Kashmir and successor Union territory of Ladakh.
 * (2) The apportionment of the assets and liabilities of the existing State of Jammu and Kashmir shall be subject to the recommendations of a committee constituted by the Central Government.
 * (3) The process of apportionment shall be completed within a period of twelve months

from the appointed day.

PART XII PROVISIONS AS TO CERTAIN CORPORATIONS AND ANY OTHER MATTERS

85. (1) The Central Government may by order, establish one or more Advisory Committees within a period of 90 days from the appointed day, for the purposes of :
 * (a) apportionment of assets, rights and liabilities of the companies and corporations constituted for the existing State of Jammu and Kashmir between Union territory of Jammu and Kashmir and Union territory of Ladakh;
 * (b) issues relating to Continuance of arrangements in regard to generation and supply of electric power and supply of water;
 * (c) issues related to Jammu and Kashmir State Financial Corporation;
 * (d) issues related to Companies constituted for the existing state of Jammu and Kashmir regarding the division of the interests and shares and reconstitution of Board of Directors;
 * (e) issues related to facilities in certain State Institutions; and
 * (f) issues related to any other matters not covered under this section.
 * (2) The committees so appointed under sub-section (1) of this section, shall submit their reports within six months to the Lieutenant Governor of Union territory of Jammu and Kashmir, who shall act on the recommendations of such committees within a period of 30 days from the date of receiving such reports.