Esso (Acquisition of Undertakings in India) Act : CENTRAL GOVERNMENT TO BE LESSEE OR TENANT UNDER CERTAIN

Esso (Acquisition of Undertakings in India) Act,1974

Act No : 4

Section : CENTRAL GOVERNMENT TO BE LESSEE OR TENANT UNDER CERTAIN CIRCUMSTANCES

SECTION 05: CENTRAL GOVERNMENT TO BE LESSEE OR TENANT UNDER CERTAIN CIRCUMSTANCES

(1) Where any property is held in India by Esso under any lease or under any right of tendancy the Central Government shall, on and from the appointed day, be deemed to have become the lessee or tenant, as the case may be, in respect of such property as if the lease or tenancy in relation to such property had been granted to the Central Government, and thereupon all the rights under such lease or tenancy shall be deemed to have been transferred to and vested in the Central Government.

(2) On the expiry of the term of any lease or tenancy referred to in sub-section (1), such lease or tenancy shall, if so desired by the Central Government be renewed on the same terms and conditions on which the lease or tenancy was held by Esso immediately before the appointed day.