Liability on transfer of ownership.

(1) On transfer of the ownership of a cotton ginning or pressing factory the transfer shall hand over to the transfer the registers maintained under section 4 and the transferee shall forthwith report to the prescribed authority any default of the transferee in complying with the provisions of section 4. (2) If default is made in handing over any register or making any report as required by sub-section (1) the transferee or the transferee, as the case may be, shall be punishable with fine which may extend to five hundred rupees.