Amendment status not verified — confirm the current text below against the official source.
(1) Every licensee may, within three months of the receipt of an order under sub-section (1) of section 4, intimating the vesting date, appoint an individual who may be the managing agent or a director or a managing director or a manager or an officer of the licensee or any other individual to acts as his sole and accredited representative in connection with the handing over of the undertaking or the fixed assets, as the case may be, to the State Government and performing on behalf of the licensee the functions hereinafter specified. (2) Where the licensee is a company as defined in the Companies Act, 1956 the appointment of the accredited representative shall be made by the shareholders of the company at a meeting specially convened for the purpose. (3) Where the accredited representative resigns or dies or becomes incapable of acting or is in the opinion of the State Government, incompetent or dishonest or where the appointment of such representative is set aside or declared void by competent authority, the State Government shall call upon the licensee to appoint, within six weeks, another individual as his accredited representative. (4) The remuneration of, and the expenditure incurred by, the accredited representative shall be payable from the compensation payable under this Act and shall have priority over all other debts and liabilities. (5) All assurances conveyed, and all statements made, by such representative (inclusive of a representative whose appointment is subsequently se aside on declared void by competent authority) shall be binding on the licensee. (6) Where the licensee does not appoint an individual to act as his sole and accredited representative under sub-section (1) or sub-section (2) the functions hereinafter assigned to the accredited representatives shall be performed by the licensee ; and all references in the rest of this Act to the accredited representative shall be construed as references to the licensee and any reference to a period of time to be reckoned from the date of appointment of the accredited representative shall in such a case, be reckoned from the last date on which such accredited representative could have been appointed.