Chapter IV MANAGEMENT ETC., OF THE SICK TEXTILE UNDERTAKING

Management, etc., of the sick textile undertaking.—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 the sick textile undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation under sub-section

1. (2) of section 3, and do all such things as the owner of the sick textile undertaking is authorised to exercise and do.

Duty of persons in charge of management of the sick textile undertaking to deliver all assets etc.—On the vesting of the management of the 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 account, registers or other documents in their custody relating to the sick textile undertaking.

Accounts.—The State Textile Corporation shall maintain the accounts of the sick textile undertaking in accordance with the provisions of the Companies Act, 1956 (Central Act 1 of 1956).