Amendment status not verified — confirm the current text below against the official source.
With effect from the appointed day— (i) the Administrator appointed under section 3 shall have all the powers of management in relation to the undertaking of the company; (ii) all persons exercising any power of management in relation to the undertaking of the company, including persons holding offices as Directors, Agents or Managers, as the case may be, immediately before the appointed day, shall cease to exercise such power; ii) persons employed in connection with the undertaking of the company and continuing in office immediately before the appointed day shall be employed by the State Government on such terms and conditions, not being less advantageous than what they were entitled to immediately before the appointed day, as may be determined by the State Government by rules made in this behalf. Use of