Amendment status not verified — confirm the current text below against the official source.
(1) The textile undertaking referred to in section 3 shall be deemed to include all assets rights, lease holds, powers, authorities and privileges and all property, movable and immovable including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balance, cash in hand, reserve funds, investments and all other rights and interest in, or, arising out of, such property, as were immediately before the appointed day in the ownership, possession, power or control of the owner of the textile undertaking, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto. (2) All properties as aforesaid which have vested in the State Government under sub-section (1) of section 3 shall, by force of such vesting, be freed, dischar ged from any trust, obligation, mortgage, hypothecation, charge, lien and all other encumbrances affecting it; and any attachment/injunction or decree or order, of any court restricting the use of such property in any manner shall be deemed to have been withdrawn. (3) Where any licence or other instrument in relation to the textile undertaking had been granted at any time before the appointed day to the owner by the Central Government or a State Government or any other authority, the Corporation shall, on and from such date, be deemed to be substituted in such licence or other; instrument in place of the owner referred to therein as if such licence or other instrument had been granted to the Corporation and shall hold such licence or such other instru ment for the remainder of the period for which the owner would, have held such licence or such other instrument: (4) Every holder of mortgage or hypothecation of any property which has vested under this Act in the State Government and every person holding any charge, lieu or other interest in or in relation to any such property shall give, within such time and in such manner, as may be prescribed an' intimation to the Commissioner of payments of such mortgage, hypothecation, charge, lien or other interest. (5) For removal of doubt it is hereby declared that the holder of mort gage or hypothecation -property referred to in sub-section (2) or, any other person holding any charge. Hen or other interest in, or in relation to any such property, shall be entitled to claim in accordance with his rights and interests, payment of the mortgaged or hypothecated money or other dues, in whole or in part, out of the amount determined in relation to such property under section 7, but no such mortagage hypothecation, charge, lien, or other interest shall be enforceable against any property which has vested in the State Government.