Management of the industrial undertaking

Management of the industrial undertaking the ownership, possession, power of control of the said industrial undertaking and all books of accounts, registers records and all other documents of whatever nature relating thereto and shall also be deemed to include all borrowings, liabilities (including the liability for the payment of any pension and other pensionary benefits to the person employed in the said industrial undertaking) and obligations of whatever kind subsisting on the appointed date: Provided that remittances within or outside the State of any money for the payment of pension or other pensionary benefits shall be subject to the rules and regulations for the time being in force in relation to such remittances.

1. (2) The profits earned by the industrial undertaking from the appointed day shall be payable to the Government.
2. (3) Unless otherwise expressly provided by this Act all deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the said industrial undertaking subsisting or being effective immediately before the appointed day, shall be of full force and effect against or in favour of the Government and may be enforced or acted upon as fully and effectively as if in the place of the said industrial undertaking the Government had been a party thereto or as if they had been issued in favour of the Government.
3. (4) If on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to the said industrial undertaking, which have been transferred to and vested in the Government under section 5 is pending by or against the said industrial undertaking, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the said industrial undertaking or of anything contained and enforced by or against the Government.