Amendment status not verified — confirm the current text below against the official source.
State Industrial Development Corparation to form subsidiary corporations.—(l) The State Industrial Development Corporation may, if it consider it necesary to do, so, form subsidiary corporations 'under the Companies Act, 1956 (Central Act I of 1956), and register them under that Act. . 7 State Industrial 'Development CorpoMtion may, by order in .wtiting, r the undertaking or part, thereof to a subsidiary corporation or other y of the Government and any such transfer shall be subject to such and conditions as may, be specified in the order. (3) The subsidiary corporation or other agency of the Government shall, on and from the date of such transfer, be.deemed to be substituted in the licence or other instrument :referred to in sub-section (3) of section 4 in place of he State Industrial Development Corporation as if such licence or other instrument had, been granted to the subsidiary corporation or other agency of the Government and shall hold such licence or other' instrument i'or the remaining period for which.the State Industrial Development Corporation would have held such licence or àther instrument. 0 ' (4) dn transfer of the undertaking or part thereof to a subsidiary corporation or other agency of the Government the liabilities required to be discharged, by the State Industrial Development Corporation under sub-section (2).of section 5 shall, in so fat as they relate to the said undertaking or part thereof so transferred to the subsidiary corporation or other agency' of the Government be discharged on and from the date of such transfer by the subsidiary corporation or other agency of the Government as and when any such liability is .required to be discharged. (5) rave as otherwise 'expressly provided in 'this Act, references in this Act to the State Industrial Development Corporation shall in respect of the said undertaking or any part thereof which is transferred to a subsidiary corporation or other agency of the Government be construed as references to such subsidiary corporation or other agency of the