Amendment status not verified — confirm the current text below against the official source.
(1) On and from the appointed day, the undertaking of the company shall, by virtue of this Act, stand transferred to, and vest absolutely in, the State Government. (2) Upon the vesting of the undertaking of the company in the State Government under sub-section (1), the State Government shall, for efficient management and administration thereof, provide by notification for the transfer of the undertaking of the company to, and vesting thereof in, the Hotel Authority with effect from such date as may be specified in the notification.