Amendment status not verified — confirm the current text below against the official source.
General effect of vesting.- (1) The property vested in the Government under section 4 shall be deemed to include the properties rights, liabilities and obligations specified below, namely:- (i) all the fixed assets of the grantee in relation to the management of the Kutlehar Forest and all documents relating thereto; (ii) all rights, liabilities and obligations of the grantee in relation to the grant or management under any contract entered into bonafide before the appointed day, not being contract relating to the borrowing or lending money, or to the employment of staff. (2) All the assets specified in clause (i) of sub-section (1) shall vest in the Government free from any debts, mortgages or similar obligations of the grantee or attaching to the management of the Kutlehar forest : Provided that such debts, mortgages or obligations shall attach to the amount payable under this Act to the grantee. (3) It shall be lawful for the Government or any officer authorised by it, to take possession of the entire management or property or, as the case may be, the fixed assets and of all documents relating to such management, or property, which the Government may require for its management, after removing any obstruction, if any, that may be offered.