Alcock Ashdown Company Limited (Acquisition of Undertakings Act : Vesting of the Bhavnagar unit in the

Alcock Ashdown Company Limited (Acquisition of Undertakings Act,1973

Act No : 56

Section : Vesting of the Bhavnagar unit in the State Government.

1*[8A. Vesting of the Bhavnagar unit in the State Government. (1) Notwithstanding anything contained in sections 3 and 4 the Central Government shall direct by notification that all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property of the Bhavnagar unit which have vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government, vest in the State Government of Gujarat (hereinafter referred to as the State Government), either on the date of publication of the notification or on such later date as may be specified in the notification. (2) Where the assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property of the Bhavnagar unit vest, under sub-section (1), in the State Government that Government shall, on and from the date of such vesting, be deemed to have become the owner of such unit and rights and liabilities of the Central Government in relation to that unit shall, on and from the date of such vesting, be deemed to have become the rights and liabilities of the State Government.