Amendment status not verified — confirm the current text below against the official source.
(1) Every licensee may, within three months of the receipt of an order under section 4, sub-section (1), intimating the vesting date or, in the case of an undertaking taken over, within three months of the commencement of this Act, appoint an individual who may be the managing agent or a director or an officer of the licensee or any other person to act as his sole and accredited representative in connection with the handing over of the undertaking or the fixed assets, as the case may be, to the Government and performing on behalf of the licensee the functions hereinafter specified. (2) Where the licensee is a company registered under 5[the Companies Act, 1956 (Central Act 1 of 1956)] the appointment of the accredited representative shall be made by the shareholders of the company at a meeting specially convened for the purpose. (3) Nothing in the foregoing sub-sections shall be deemed to require a licensee of an undertaking taken over, who has appointed an individual as his sole and accredited representative before the commencement of this Act, to make a fresh appointment after the commencement of this Act; and the said accredited representative shall be deemed for all purposes to be the accredited representative appointed under the foregoing sub-sections. (4) Where the accredited representative resigns or dies or becomes incapable of acting or is, in the opinion of the