Chapter III PAYMENT OFAMOUNT

(1) For the transfer to, and vesting in, the State Government under sub-section (1) 0f section 3 of the textile undertaking and the right, title and interest of the owner in relation to such textile undertaking, there shall be given by the State Government to the owner in cash the amount determined as specified in Chapter V, in the manner specified in Chapter VI. (2) Where any liability of the owner specified in the Schedule is discharged by the State Government according to the order of the priorities mentioned in the Schedule, the amount to be paid to the owner under sub-section (1) shall stand reduced to that extent.

The Corporation shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of the textile undertaking.

On the vesting of the management of the textile undertaking in the Corporation, persons in charge of the management of such textile undertaking immediately assets, before such vesting, shall be bound to deliver to the Corporation all assets, books of account, registers and other documents in their custody relating to the textile under taking.

The Corporation shall maintain the accounts of the textile undertaking in accordance with the provisions of the Companies Act, 1956,