Amendment status not verified — confirm the current text below against the official source.
(1) A notified Institution shall, during the period of vesting be run for the purposes for which it was established. (2) Before the expiry of the period of vesting, the Government may, by notification, make over the management of the notified Institution to the authority under whose management the Institution was before the date of vesting, with effect from the date to be specified in the notification. 246 The Rabindra Cultural Institutions (Taking over of Management) Act, 1980. LIII of 1980.] (Section 5.) (3) If the management of the notified Institution has not been made over under sub-section (2), the Government shall, on the expiry of the period of vesting, make over the management of the notified Institution to the authority under whose management such Institution was immediately before such vesting. (4) The Administrator appointed under section 5 shall cease to function with effect from the date on which the management of the notified Institution is made over to. the authority under sub-section (2) or sub- section (3), as the case may be. (5) The notified Institution shall be deemed to include all assets, rights, powers, authorities and privileges in relation to that Institution and all property, movable and immovable, including lands, buildings, stores, instruments, machinery, cash balances, reserve fund, investment and all other rights and interests in or arising out of such property as were immediately before the date of vesting in the ownership, possession, power or control of that Institution and all books of account, registers and all other documents of whatever nature relating thereto. (6) Any contract (whether express or implied) or other arrangement (whether under any statute or otherwise) in so far as it relates to the management of the notified Institution and in force immediately before the date of vesting, or any order made by any court in so far as if relates to the management of the notified Institution and in force immediately before the date of vesting shall be deemed to have terminated on that date. (7) All persons in whom the management of the notified Institution vests immediately before the date of vesting shall, as from that date, be deemed to have vacated their offices and shall cease to exercise any power of control. (8) Notwithstanding any judgment, decree or order of any court, tribunal or other authority or anything contained in any law (other than this Act) for the time being in force, every Receiver, Official Liquidator or other person in whose possession or custody or under whose control the notified Institution or any part thereof may be immediately before the date of vesting, shall, on that date, .deliver possession of the notified Institution or such part thereof, as the case may be, to the Administrator appointed under section 5. (9) The Government may take, or cause to be taken, all necessary steps for obtaining the possession of the notified Institution.