Duty of persons to account for assets, etc., in their possession

Duty of persons to account for assets, etc., in their possession.—(1) Any person who has, on the appointed day, in his possession or under his control, any assets, books, documents or other papers relating to the undertaking of the club, which has vested in the Government or a Government company under this Act, which belongs to the club, or would have so belonged, if the undertaking of the club had not vested in the Government or such Government company, shall be liable to account for the said assets, books, documents and other papers to the Government or the Government company and shall deliver them up to the Government, or such Government company or the custodian, as the case may be, or to such person or body of persons as the Government or the Government company or the custodian may specify in this behalf.

1. (2) The Government may take or cause to be taken all necessary steps for securing possession of the undertaking which has vested in them under this Act.
2. (3) The club shall, within such period as the Government may allow in their behalf, furnish to the Government a complete inventory of all the property and assets, as on the appointed day, pertaining to the undertaking which has vested in the Government under section 4, and for this purpose, the Government or a Government company shall afford to the club all reasonable facilities.