Certain consequences of vesting

General198625 sections

Statutory text

(1) Notwithstanding anything contained in any other law for the time being in force, and save as otherwise provided in this Act, on and from the appointed day—
- (a) every appointment of receiver over any sugar undertaking by any court shall cease;
- (b) every lease or other arrangement whereunder any sugar undertakings or the management thereof has been transferred to any person shall cease to have effect,
- (c) every attachment, injunction, decree or any other order of a court restricting or restraining the use of any sugar undertaking or prescribing a scheme of management in respect thereof how so ever described, shall cease to have effect.
(2) Any licence or other instrument granted to the sugar undertakings, which have vested in the Corporation under section 3, at any time before the appointed day and in force immediately before that day, shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking, and on and from the appointed day, the Corporation shall be deemed to be substituted in such licence or other instrument, as if such licence or other instrument had been granted to such Corporation and such Corporation shall hold it for the remainder of the period for which the sugar undertakings to which it was granted would have held it under the terms thereof.

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