Amendment status not verified — confirm the current text below against the official source.
(1) On the appoiated day, all the shares of the Company, other than the , , ,,,,,!, rstlng of shares specified in the schedule shall, by virtuc of this Act, stand transferred 'to &ares and vest in thc State Government. ,.. CompaOY In the slate Government. (2) The State Govcrriment shall be decrned, on and from the ap'pointed day, to have been registered in the Register of members of the Company. as the hoIder OF each share which stands transfemed to , and vested in ~ t , by vlrhre of the provisions of sub-section (1). ! (3) All the shares which have vested in the 'State Government under sub-section (I), shall, by force of such vesting, be freed and discharged of all wsts, liabilities, obligations, mortgages, charges, Iiens and other encumbrances . affecting them, and any attachments injunction or any decree or order OF any Court, tribunal or other authority restricting the use of such shares in any m n e r shall be deemed to have been withdrawn. (4) For the remod of doubts, it is hereby declared that the provisions of sub-section ( 1 ) and (2) shall not be deemed to d e c t (a) any right OF the Company subsisting immediately before the appointed day, against any shareholder to recover from such shareholder any sum of money on the ground that the shareholder has not- p i d or crelted to thc Company the whole 01 any part of the value of ihe shares held by him or on any other groul-d whatsoever; or (b) any right of the shareholder subsisting, immediately before the appointed day, against the company to receive m y dividend or other payment due from the Company. - ! P a p n t of