Chapter IV MANAGEMENT OF THE MILLS

The general superintendence, direction, control and management of the affairs and business of the mills, the right, title and interest in relation to the mills which has vested in the Government under section 4, shall, where a direction has been made by the Government under sub-section (1) of section 8, vest in the Company and thereupon the Company shall be entitled to exercise to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to the mills.

(1) On the vesting of the management of the mills in the company all persons in charge of the management of the mills immediately before such vesting shall be bound to deliver to the company all assets, books of accounts, registers or other documents in their custody relating to the mills.

(2) The Government may issue such directions as it may deem desirable in the circumstances of the case to the Company and the Company may also, if it is considered necessary to do, apply to the Government at any time for instructions as to the manner in which, the management of the mills shall be conducted or in relation to any other matter arising in the course of such management.

Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents, other papers relating to the mills which has vested in the Government or in the Company under this Act and which belong to the mills or would have so belonged if the mills had not vested in the Government or the Company, shall be liable to account for the said assets, books, documents and other papers to the Government or the Company or such person or persons as the Government or the Company may specify in this behalf.

(2) The Government or the Company may take or cause to be taken all necessary steps for securing possession of the mills which has vested in the Government or the company under this Act.

(3) The lessor or lessee, as the case may be, shall within such period as the Government may allow in this behalf, furnish to the Government a complete inventory of all properties and assets, as on the appointed day, pertaining to the mills which has vested in the Government under section 4, and for this purpose, the Government or the company shall afford to the lessor or lessee all reasonable facilities.

The Company shall maintain the accounts of the mills in accordance with the provisions of the Companies Act, 1956.