Management, etc., of undertakings.

(1) The general superintendence, direction, control and management of affairs of the undertakings, the right, the interest in relation to which have vested in the Central Government under section 7, shall–– (a) where a direction has been made by the Central Government under sub-section (1) of section 10, vest in the Centre; or (b) where no such direction has been made by the Central Government, vest in the Custodian appointed by the Central Government under sub-section (2), and, thereupon, the Centre or the Custodian so appointed, as the case may be, shall be entitled to exercise all such powers and do all such things as the Society, is authorised to exercise and do in relation to its undertakings. (2) The Central Government may appoint any person as the Custodian of the undertakings in relation to which no direction has been made by it under sub-section (1) of section 10.