Power of State Government to direct vesting of sick textile undertakings in a State Government company

Power of State Government to direct vesting of sick textile undertakings in a State Government company.

1. (1) Notwithstanding anything contained in section 3, the State Government may, if it is satisfied that a State Government company 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, and the right, title and interest of the owner in relation to every such undertaking, shall, instead of vesting in the State Government, vest in the State Government company either on the appointed day or on such earlier or later date (not being a day earlier than the appointed day) as may be specified in the direction.
2. (2) Where the right, title and interest of the owner of the sick textile undertaking vest in a State Government company under sub-section (1), the State Government company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertaking and all the rights and liabilities of the State Government in relation to such undertaking shall, on and from the date of such vesting, be deemed to have become the rights and liabilities of the State Government company.
3. (3) The provisions of this Act shall apply to the vesting in the State Government company under sub-section (1), as they apply to the vesting in the State Government under section 3; and references in this Act to the State Government shall be construed as references to the State Government company.