Undertakings to vest in Government

Undertakings to vest in Government.—(1) Notwithstanding anything contained in any other law for the time being in force or in any contract or other document, with effect on and from the appointed day, the undertakings, namely, the Kerala State Maritime Development Corporation registered under the Companies Act, 1956 (Central Act 1 of 1956) and the Kerala State Maritime Society registered under the Travancore Cochin Literary, Scientific and Charitable Societies Registration Act, 1955 (Act 12 of 1955) shall by virtue of this Act, stand transferred to and vest in the Government.

1. (2) The undertakings vested in the Government shall include the properties, rights, liabilities and obligations specified below, namely:—
   • (i) all the assets in relation to the undertakings and all the documents relating to the undertakings;
   • (ii) all the rights, liabilities and obligations in relation to the undertakings under any agreement entered into before the appointed day.
2. (3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature instituted or preferred by or against the undertakings, is pending, the same shall not abate, shall not be discontinued or be, in any way, prejudicially affect by reason of such transfer or of anything contained in this Act, but the suit, appeal or other proceedings may be continued, prosecuted or enforced by or against the State Government or the Board.