Amendment status not verified — confirm the current text below against the official source.
Power of Govemmcnt to dzrect vestmg of the undirtakznt;s of the Company !Tl a Government Company -(1) Not\\Jthstandmg anythmg contamed m sectiOn 3 and 4, the Government may, subject to such terms and conditions as they may thmk fit to Impose, du ect, by nottficatJon m the Gazette, that all the undertakmgs of the Company and the nght, tttle, mteiest and habt- htics of the Company 111 relation to Its undertakmg wh1ch have vested 111 the Government under sectiOn 3, except any unde1 takmg or undertaking!> speCified 111 the notification and the nght, t1 tic. 111terest and habiiHies m relation to the undertakmg or undertakm~s so ~pcClficd, shall, mst('ad of continumg to vest m the Government, •est I•I a Govcrnmc11t Company ctthct on the date of the notdl.cation or on such car her or later date (not bcmg a date earher than the appomtcd day) as may be specified m the notificatiOn. (2) Where the Itght, title, mtere~l a.nd habllttics of the Company m relatiOn to all 01 any of It~ undei takmgs vest m a Govc111mcnt Company under sub-sectiOn ( l ), the Government Company shall, on and from the date of such vestmg, be deemed to have become the owner m relation to the undcr- takmg so vested, and all the 11ghts and !Iabihties of the Government m relatwr. to ~uch undertakmg, shall, on and from the date of such ve~tmg, be r:lre111c:"d to have become the nghts and liabilities of the Govc1nmcnt Companv 14 CHAPTER Ill PAYMENT OF AMOUNTS