Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982
Act No : 50
Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE AMRITSAR OIL WORKS IN A GOVERNMENT COMPANY
SECTION 05: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE AMRITSAR OIL WORKS IN A GOVERNMENT COMPANY
- (1) Notwithstanding anything contained in sections 3-and4-, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by notification, that the Amritsar Oil Works and the right, title and interest of the Amritsar Sugar Mills Company in relation to the Amritsar Oil Works which have vested in the Central Government under section 3-, shall, instead of continuing to vest in the Central Government, vest in that Government company either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
(2) Where the right, title and interest in relation to the Amritsar Oil Works, vest in a Government company under sub-section (1), the Government company shall, on and from the date of such vesting, be deemed to have become the owner of the Amritsar Oil Works and all the rights and liabilities of the Central Government in relation to the Amritsar Oil Works shall, on and from the date of such vesting, be deemed to have been the rights and liabilities, respectively, of the Government company.