Acquisition of lights of the owner in respect of the Textile Undertaking

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