Chapter II ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF THE COMPANY.

. On the appointed day, the undertakings of the Company, and the right, title and interest of the Company in relation to its undertakings, shall, by virtue of this Act, be transferred to, and shall vest absolutely in, the Government.

1. (1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities of vesting. and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash in hand, reserve funds, investments, book debts and other rights and interests in, or arising out of, such property, were immediately before the appointed day in the ownership, possession, power or control of the Company, and all books of account, registers and all other documents of whatever nature relating thereto.
2. (2) All properties as aforesaid which have vested in the Government under section 3 shall, by force of such vesting be freed and discharged from any trust, obligation,' mortgage, charge, lien and all other encumbrances affecting it, and any attachment, injunction or decree or order of any court or tribunal restricting the use of such property in any manner shall be deemed to have been withdrawn.
3. (3) Where any license or other instrument in relation to the undertaking had been granted at any time before the appointed day to the company by the Central Government or a State Government or any other authority, the Government shall, on and from such date, be deemed to be substituted in such license or other instrument in place of the Company referred to therein as if such license or other instrument had been granted to then, and shall hold such licence or other instrument for the remainder of the period for which the company would have held PUC~ licence or other instrument.
4. (4) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to .any matter specified in section 5 in respect of the undertaking instituted or preferred by or against, the Company, pending, the same shall not abate, be discontinued or be, in any way prejudicialIy affected by reason of the transfer of the undertaking or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Government.

Every liability including any liability arising in respect of

1. (a) loans advanced by the Central Government, or a State Government, or both, to the undertaking (together with interest due thereof) prior to the appointed day; and (b) wages, salaries and other dues of the employees of the undertaking , in respect of any period before the appointed day, shall, on and from the appointed day, be the liability of the Government and shall be discharged by the Government as and when repayment of such loans or amounts become due or as and when such wages, salaries or other dues become due and payable.

1. (1) The Government shall give, in cash, to the Company an amount equivalent to the sum of rupees sixteen lakhs sixty thousand nine hundred and sixty-six only for the transfer to, and vesting in, the Government, under section 3 of the undertakings of the Company.
2. (2) The amount referred to in sub- section (I), shall be paid within six months from the appointed day.