Amendment status not verified — confirm the current text below against the official source.
Anv licence, permit or other instrument gran- ments not to ted. to the Company in relation to the undertaking diverting which has vested in the State Government under and tran sfer section 3 of this Act, at any time before the kinUofethe‘ a PP°in t e d day and in force immediately before that company, day, shall continue to be in force on and after such day in accordance with its tenure in relation to and for the purpose of such undertaking of the Company and on and from the date of vesting of such undertaking in a Government Company un der section 7, the concerned Government Com pany shall be deemed to be substituted in such licence, permit or other instrument as if such licence, permit or other instrument has been granted to such Government Company and such Government Company shall hold it for the remaining period for which the concerned Company would have held it under the terms thereof- state go- 6- (1) Liabilities of the undertaking of the \ern“^ ‘ Company incurred in any period prior to the ap- notmt>nbe pointed day shall be the liability of the Company Hrior' Ha* a n ^ t>e enforceable against it and not against bHitiw.la" the State Government or where the undertaking of the Company are directed, under section 7, to vest in a Government Company, against that Govern m en t C om pany; THE ASSAM GAZETTE. EXTRAORDINARY, SEPT. 25, l$90 783 Provided that the State Government, after ob serving proper financial formalities and by notifi cation, may declare certain liabilities or class or classes of liabilities to be the liabilities of the State Government or the Government Company, as the case may be. (2) No award, decree or order of any Court, Tribunal or other authority in relation to the under taking of the Company passed on or after the appointed day in respect of any matter, claim, dispute or cause of action arising before the ap pointed day shall be enforceable against the State Government or, against the Government Company where the undertaking of the Company stands transferred to and vested in a Government Company under this Act- (3) No legal liability for controvertion before the appointed day by the undertaking of any provision of law, for the time being in force, shall be enforceable against the Central or the State Government or where the undertaking of the Company are directed under section 6, to vest in a Government agaimt that Government Company- rowers of 7- (1) Notwithstanding anything contained in the stat e section 3 and section 4, the State Government w*dSre«ent may, if it is satisfied that a Government Company vesting of jg willing to comply, or has complied, with such t»'ingdof" terms and conditions as that Government may think the co mp any fit t0 impose, direct, by notification, that the un- CompFny’4' dertaking of the Company and the right, title and interest of the Company in relation to its under taking which has vested in that Government, vest in that Government Company either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification- (2) Where the right, title and interest of the Company in relation to its undertaking vest in a Government Company under sub-secticn (1), the Government Company shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertaking and all the 784 THE ASSAM GAZETTE, EXTRAORDINARY. SEPT. 25, 1990 rights and liabilities of the State Government in relation to such undertaking shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Govern ment Company. CHAPTER-III payment of amounts Pav men t of For the transfer to and vesting in the State Amoum, ° Government under section 3 and the Government Company under section 7 of this Act, and the right, title and interest of the Company shall be given by the State Government or the Government Company, as the case may be, in cash and in the manner specified in Chapter-VI, an amount that may be fixed by the State Government duly con sidering the value of assets of the Company and after observing proper financial formalities. Pa m nt of ^or deprivation o f the Company of ’ imthcr" ° the management of its undertaking there shall be amount. given to the Company by the State Government such sums as the State Government may decide, after observing due financial formalities, to be due to the Company. (2) The amount specified in section 8 and amount to be determined under sub-section (1) shall carry simple interest at the rate of four percent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the State Government or by the Government Company, as the case may be, to the Commissioner- (3) The amounts specified in sub-section (1) and sub-section (2) of this section shall be paid in addition to the amount specified in section 8: Provided that the liabilities of the Company prior to the appointed day, that is ‘o say, the date on which the undertaking has been transferred to and vested in the State Government or the Government Company and in relation to the affairs of the undertaking shall be discharged from the I THE^ ASSAM GAZETTE. EXTRAORDINARY, SEPT. 25, 1990 785 amount specified in section 8 and in sub-section (1) an ,1 (2) of section 9 in the manner prescribed and in accordance with the rights and priorities men tioned in the Schedule. (4) Where liability of the Company in respect of the undertaking specified in the Schedule is discharged by the State Government or by the Government Company according to the order of priorities mentioned in the Schedule, the amount to be paid to the Company under section 8 and sub-sections (1) and (2) of this section, shall stand reduced to that extent. CHAPTER—IV MANAGEMENT AND ADMINISTRATION OF THE UNDERTAKING OF THE COMPANY. •md'Admi'nis- The Government Company or any person uat.onofTheOr body of persons which the Government Ccm- ofdthe^om Pa n y m aY> by order in writing, specify, shall be pany* °“ entitled to exercise the powers of general superin tendence, direction, control and management of the affairs of the business of the Company after the right, title and interest of the undertaking of the Company have keen transferred to and vested in the Government Company under section 7 of this Act. The person or body of persons so authori sed by the Government Company shall be entitled to do all such things as the Government Com pany is authorised to do under authority of the State Government or, under the Rules under this Act. Duty ofper- 11* On the vesting of the management of the sons in char-undertaking of the Company in a Government ge men t o f Company, all persons, in-charge of the manage- the underta. m e n t of the undertaking of the Company im- deuvcrto*n mediately before such vesting, shall be bound to assets etc. deliver to the Government Company all assets, books and papers of accounts, registers and other documents in its custody relating o the under taking. _ 786 THE ASSAM GAZETTE. EXTRAORDINARY SEPT. 5, 1990 pwS bontyin°f (1) Any person, who has, on the appoin- pos session or ted day, in his possession or under his control a”"Ebooks a n y assets, books, documents or other papers or d o c u m co ts fe la ti n g to or belonging to the undertaking or r!'latine to would have so belonged if the undertaking of the taking of the company had not vested m tire State Govern- dehv^su c'h m e n t °r SUC^ Government Company, shall be lia- assets, books ble to account for the said assets, books, docu- meltdtoVhem e n ts an<^ other papers to the State Government sta"eSGover or the Government Company, as the case may nment. be, a nd shall deliver them upto the Government Company or to such person or persons as the State Government or the Government Company may specify in this behalf. (2) The Company shall within such period, as the State Government may allow in this behalf, furnish to the State Government, a complete in ventory of all properties and assets, as on the appointed day, pertaining to the undertaking which has vested in the State Government under this Act, and for this purpose the State Government or, in eases so warranted, the Government Company shall afford all reasonable facilities to the Company. v (3) The State Government or the Government Company may take, or cause to be taken, all necessary steps for securing possession of the undertaking of the C 'mpany which has vested in the State Government or the Government Company under this Act. Liability of the Govern ment Com pany to .main tain accounts o the unJer- cak ing of the Company.