Amendment status not verified — confirm the current text below against the official source.
Dutv of persons m charge of managemtmt oj the u11dertakcngs of the Company to deltver assets, elc.-(1) On the vestrng of the management of the under- tal..mgs of the Company in a Government Company or on the appomtment of a Custodian, all persons m charge of the management of the undertakings of the Company immediately before such vestmg or appomtment, shall be bound to deliver to the Government Company or the Custodian, as the case may be, all assets, books of account, regrsters or other documents m their custody relatmg to the undertakmg~ of the Company, or, as the,case may be, any part thereof· ' Provided that m the case of any undertakmg specified m the notification under sub-section I of sectron 6, such assets, books of account, registers and other documents shall be delivered to an officer specd1ed by the Government m this behalf. (2) The Government may issue such directiOns as they may deem desrrable m the circumstances of the case to the Government Company or the Custodian, and the Government Company or the Custodian may also, rf it as considered necessary so to do, apply to the Government at any time for instruc- tions as to the manner m whrch the management of the undertakings of the Company shall be conducted or in relatron to any other matter arising in the course of such management. . • 10 Duty of persons to account for assets, etc., in their posSission.'-(l) Any person who has, on the appointed day, in his possession or under his control any assets, books, documents or other papers relating to any undertaking owned by the Company, whrch have vested in the Government OJ in a Govern- ment Company under this Act, and which belong to the Company, or would have so belonged 1f the undertakmg owned by the Company had not vested in the Government or such Government Company, shall be liable to account lb • for the said assets, books, documents and other papers to the Government or the Government Company and shall dehver them upto the Government or the Government Company, as the case may be, or to such person or per- \./ 2 sons as the Government or the Government Company may specify m this behalf. • . (2) The Government or the Government Company may take or cause to be taken all necessary steps for securing possessiOn of the undertakings of the Company which have vested in the Government or the Government Com- pany under !his Act. (3) The Company shall, within such period as the Government may allow in this behalf, furm~h to the Government a complete myentory of all ·its properties, assets and habiltties, as on the appointed day, pertaining to the undertakmgs which have vested m the Government under section 3, and, for thts pm pose, the Government or the Government Company shall afford to the Company all rca~onablc factht!es II Accounts -The Cu~todian shall mamtain an account of the under- takmgs of the Company m ~uch form and manner and under such conditions as may be prescnbed CHAPTER v PROVISIONS RELATING TO THE EMPLOYEES OF THE COMPANY