Power of Government to direct Vesting of shares in the Multi-Purpose Co-operative Societies Limited

Corporate199113 sections

Statutory text

(1) Notwithstanding anything contained in section 3, the State Government may direct, by notification, that the shares of all the individual members of the Denzong Agricultural Co-operative Limited which have vested in the State Government under section 3 shall, instead of continuing to vest in the State Government, vest in the different Multi-Purpose Co-operative Societies Limited on the date of the notification or on such later date as may be specified in the notification.
(2) Where the shares of the individual members of the Denzong Agricultural Co-operative Limited vest in the different Multi-Purpose Co-operative Societies under sub-section (1), such societies, on and from the date of such vesting, be deemed to have become the owner in relation to such shares and all the rights and liabilities of the State Government in relation to such shares shall, on and from the date of such vesting, be deemed to have become the rights and liabilities respectively of such Societies.

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