Amendment status not verified — confirm the current text below against the official source.
Paymmt of amount.-(!) For the transfer to, 'and vestm~ m, the Government, under secuon 3, of the undertakings of the Company and the nght, title and inte1est of the Company in rclatwn to Its undc1 tak111gs. there shall be gtven by the Government in the manner specified in Chapter V):, an amount of ten lakhs, forty-three thousand, two hundred and forty-five rupees and nmety-se..-en pa1se. (2) The amount specified 111 '>ub-scctwn ( l) shall carry simple mtcrest at the rate of e1ght per cent per annum for the period commencmg on the appomted day and endm.; on the date on whtch payment of such amount is made by the Government to the Commis'>Ioner. · (3) For the removal of doubts, 1t Is hereby declared that the liabi- lities of the Company specified 111 the Schedule in telatwn to its undertak111gs, wh1ch have vested m the Gove1 nment under ~cct10n 3, shall be discharged from the amount 1 eferred to 111 sub-section ( l) 111 ·accordance With the nghts and 111terests of the ct edttOis of the Company. .. • (4) · The ltabthttes of the Company in relatton to tts undertakings "'!'. wh1ch have vc<;ted 111 the Government under '>ectwn 3 and not specd1cd in the _J' Schedule shall be dtschat ged by the Government as and when they fall due for payment Pro\'tded that the ltabthty assumed by the Government under the head "Vendors Account shall not exceed the amount shown rn the audited balance sheet ol the Company as on 31-12-1973 CHAPTI!'.R IV • . MANAGEMENT, ETc., OF THE UNDERTAKI~GS.OF THE COMPANY, 8 1\1anagcmmt, etc , of the undertakmgs oj the Company-( I) The general supe11ntendence, dtrect10n, control and management of the affatr~ and busi- ness of the undertakmgs of the Company, the nght, tttle, 111terc~t and habthttes in relatiOn to wl11ch have vested in the Government under sectiOn 3, shall,- (a) where .1. du ccuon has been made by the Government undet sub-sectiOn (I) of secuon 6, vest in the Govc1 nment Com pan] specified in such dtrectwn, or (b) where n J '>uch dtrcctwn ha'> been made by the Government, C t d d b I G d b U I'" v~st 111 a us o Ian appomte ) t 1e overnment un c1 su -sec on ,-,: 15 .tnd thereupon the Government Comp:my or the Custodran, as the case may be, shall be entitled to exercrse, to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise·and do in relation to its undertakmgs. (2) The Government may appoint any mdrvidual or body of persons as Custodian. of the undertakings of the Company m relation· to which no direction has been made by them under sub-section (I) of section 6 • . (3) The Custodr01n shall recerve, from the funds of the undertakings of the Company, such remuneration as the Government may fix and shall hold office during the pleasure of the Government ( 4) N ot\\lth~tandmg anything con tamed m sub-sections (I). and (2), where any undertakmg has been specrfied in a nctrficatron under sub-section (I) of section 6, the Custodian shall not be entrtled to exercrse any power or to do any other thin~ 111 relation t•"' such undertakings.