Amendment status not verified — confirm the current text below against the official source.
General effect of vesting.— (1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities of vesting. and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash in hand, reserve funds, investments, book debts and other rights and interests in, or arising out of, such property, were immediately before the appointed day in the ownership, possession, power or control of the Company, 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 Government under section 3 shall, by force of such vesting be freed and discharged from any trust, obligation,' mortgage, charge, lien and all other encumbrances affecting it, and any attachment, injunction or decree or order of any court or tribunal restricting the use of such property in any manner shall be deemed to have been withdrawn. (3) Where any license or other instrument in relation to the undertaking had been granted at any time before the appointed day to the company by the Central Government or a State Government or any other authority, the Government shall, on and from such date, be deemed to be substituted in such license or other instrument in place of the Company referred to therein as if such license or other instrument had been granted to then, and shall hold such licence or other instrument for the remainder of the period for which the company would have held PUC~ licence or other instrument. (4) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to .any matter specified in section 5 in respect of the undertaking instituted or preferred by or against, the Company, pending, the same shall not abate, be discontinued or be, in any way prejudicialIy affected by reason of the transfer of the undertaking or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the Government.