Chapter IV MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS

The State Textile Corporation or any person which that Corporation may, by order in writing, specify, shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of a sick textile undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the owner of the sick textile undertaking is authorised to exercise and do.

On the vesting of the management of a sick textile undertaking in the State Textile Corporation, all persons in charge of the management of such sick textile undertaking immediately before such vesting shall be bound to deliver to the State Textile Corporation all assets, books of accounts, registers or other documents in their custody relating to the sick textile undertaking.

The State Textile Corporation shall maintain the accounts of sick textiles undertakings in accordance with the provisions of the Companies Act, 1956 (Central Act I of 1956).