Amendment status not verified — confirm the current text below against the official source.
With effect from the appointed day— (i) the person or body of persons 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, but excluding those who are salaried employees of the undertaking of the company shall, subject to the provisions of clause (iii),,cease to exercise such power; (iii) all salaried employees of the undertaking of the company including persons holding salaried offices as whole-time Directors, Agents or Managers 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.