Sick Textile Undertakings (Nationalisation) Act : MANAGEMENT TO CONTINUE TO VEST IN THE CUSTODIAN UNTIL

Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

Section : MANAGEMENT TO CONTINUE TO VEST IN THE CUSTODIAN UNTIL ALTERNATIVE ARRANGEMENTS ARE MADE

SECTION 28: MANAGEMENT TO CONTINUE TO VEST IN THE CUSTODIAN UNTIL ALTERNATIVE ARRANGEMENTS ARE MADE

Notwithstanding the vesting, under this Act, of a sick textile undertaking in the National Textile- Corporation,-

(a) the Custodian who has been managing the affairs of such undertaking before the date on which the Ordinance was promulgated shall, until alternative arrangements have been made by the National Textile Corporation, continue to manage the affairs of such undertaking as if the Custodian had been authorised by the National Textile Corporation to manage the affairs o( such undertaking; and

(b) the Custodian or any person authorised by him for this purpose shall, until alternative arrangements have been made by the National Textile Corporation, continue to be authorised to operate, in relation to the sick textile undertaking, any account of such undertaking in a bank as if such Custodian or the person authorised by the Custodian had been authorised by the National Textile Corporation to operate such account.