Power of State Government to direct vesting of the closed textile undertakings in a State Corporation

Power of State Government to direct vesting of the closed textile undertakings in a State Corporation.

1. (1) Notwithstanding anything contained in section 3, the State Government may, if it is satisfied that a State Corporation is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose in this behalf, direct, by notification, that the closed textile undertaking, or the right, title and interest of the owner in relation to the closed textile undertaking, which has vested in the State Government under section 3, shall, instead of continuing to vest in the State Government, vest in that State Corporation either on the date of the publication of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
2. (2) Where the right, title and interest of the owner in relation to the closed textile undertaking vest in a State Corporation under sub-section (1), the State Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such closed textile undertaking, and all the rights and liabilities of the State Government in relation to such closed textile undertaking shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the State Corporation.