Duty of persons in charge of management of the undertaking to deliver all assets, etc.

On the vesting of the management of the undertaking in the State Industrial Development Corporation, all persons in charge of the management of undertaking immediately before such vesting shall be bound to deliver to the State Industrial Development Corporation all assets, books of account, registers or other documents in their custody relating to the said undertaking. (2) The money which stand transferred under sub-section (1) to the State Industrial Development Corporation shall be dealt with by that Corporation in such manner as may be prescribed. Where the undertaking or any part thereof is transferred under this Act to a subsidiary corporation or other agency of the Government every person referred to in sub-section (1) and sub-section (2) of section 14, shall on and from the date of such transfer, become an employee of the subsidiary corporation or other agency of the Government and the provisions of sections 14 and 15 shall apply to such employee as they apply to an employee of the State Industrial Development Corporation as if references in the said sections to the State Industrial Development Corporation were references to the subsidiary corporation or other agency of the Government.