Amendment status not verified — confirm the current text below against the official source.
Subject to the provisions of section 6, with effect from the appointed day and for the period referred to in sub-section (2) of section 3— (a) the management and control of the Company shall stand transferred to the State Government; (b) the Company including its employees shall cease to exercise management and control in relation to the Company; (c) all contracts, assurances of property, agreements, settle- ments or awards, decrees and orders of any Court or Tribunal or other instruments in force in relation to the Company immediately before the appointed day shall remain suspended and all rights, privileges, obligations and liabilities accruing or arising thereunder before the said date shall remain suspended or shall be enforceable with such modifications and in such manner as may be specified in the notification; (d) subject to the provisions of clause (c) any proceeding pending or any cause of action existing before the appointed day in relation to the Company may be continued or enforced by or against the State of West Bengal and shall cease to be continued or enforced by or against the Company, its agents, sureties or guarantors; Taking over of manage- ment of the Company. Transfer. 106 The Technicians' Studio Private Limited Act, 1980. XXVIII of 1980.1 (Sections 5-7.) (e) the lease-hold interest or for that matter the tenancy-right of the Company in the premises shall devolve on the State Government and the State Government shall be liable to pay rent or compensation for the use and occupation of such premises with effect fromthe appointed day, till the acquisition of the premises by the State Government.