Special provisions as to certain rights and interests held by the industrial undertaking before the appointed day

Special provisions as to certain rights and interests held by the industrial undertaking before the appointed day.--(1) Every right or interest in respect of any property in the State (including a right and any lease or under any right of tenancy or any right under any arrangement to secure any premises for any purpose which the said industrial undertaking held immediately before the appointed day) shall, notwithstanding anything contained in any other law or in any agreement or instrument relating to such rights or interest, vest in and be held by the Government on and after the appointed day on the terms and conditions on which the said industrial undertaking would have held it, if no notification/negotiations had taken place for the acquisition by the Government of the undertaking by or of the said industrial undertaking in the State if this Act had not been enacted.

1. (2) If at any time before the expiry of the period of any lease or tenancy, the industrial undertaking surrendered or otherwise relinquished any right or interest in respect of any premises or property, otherwise than under any lease or under any arrangement to secure any premises or property for the purpose of this Act notwithstanding anything contained in any other law or in any agreement or instrument, such surrender or relinquishment, the Government shall on and after the appointed day be entitled to such right or interest if it had not been surrendered or relinquished such right or interest and that the Government shall satisfy the same: Provided that nothing in this sub-section shall apply to any right or interest surrendered or otherwise relinquished by the said industrial undertaking before the appointed day which was in consideration for any monetary consideration.
2. (3) On the expiry of the term of any lease or tenancy or arrangement referred to in sub-section
3. (1) or (2), such lease or tenancy or arrangement shall, if so desired by the Government, be continued, so far as may be, on the same terms and conditions on which the lease or tenancy or arrangement was originally entered into.