Sick textile undertakings to vest in the State Government

Sick textile undertakings to vest in the State Government

1. (1) Notwithstanding anything contained in section 3, the State Government shall, if it is satisfied that a State Textile Corporation is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct that the sick textile undertaking shall, instead of continuing to vest in the State Government, vest in the State Textile Corporation either on the date of publication of the direction or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the direction.
2. (2) Where the right, title and interest of the owner of any sick textile undertaking vest in the State Textile Corporation under sub-section (1), the State Textile Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such sick textile undertaking and all the rights and liabilities of the State Government in relation to such sick textile undertaking shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the State Textile Corporation.
3. (3) The State Textile Corporation may, if it considers it necessary or expedient so to do, entrust, either for the time being or for such period as it may think fit, the management of the sick textile undertaking to any person or body of persons (including a Government company) on such terms and conditions as that Corporation may, with the previous approval of the State Government, determine.