Acquisition of the rights of owners in respect of sick textile undertakings.

(1) On the appointed day, every sick textile Undertaking and the right, title and interest of the owner in relation to every such sick textile undertakings shall, by virtue of this Act, stand transferred to, and shall vest absolutely in, the State Government. (2) Every sick textile undertaking which stands vested in the State Government, by virtue of sub-section (1) shall, immediately after it has so vested, stands transferred to and vest in, the State Textile Corporation.