Amendment status not verified — confirm the current text below against the official source.
Subject to the other provisions contained in this Act all contracts, relating to the undertaking of the. Company, which are subsisting immediately before the 12th day of September 1970 and affecting the Company, other than contracts creating any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation referred to in section 3 shall cease to have effect or be enforceable against the Company or any person who has surety, or had guaranteed the performance thereof and shall be of as full force and effect against or in favour of the State Government and enforceable as fully and effectually and instead of the Company the State Government had been named therein or had been a party thereto. Duty to deliver possession of property