Acquisition and transfer of undertaking and its vesting in State Government and its transfer and vesting in Corporation.

(1) On the appointed day, the undertaking and the right, title and interest of the proprietors in relation to the unedertakings, shall, by virtue of this Act, stand transferred to, and vest absolutely in, the State Government. (2) The undertaking which stands vested in the State Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to, and vested in, the Corporation.