Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act : MANAGEMENT ETC., OF

Ganesh Flour Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1984

Act No : 16

Section : MANAGEMENT ETC., OF GANESH FLOUR MILLS

SECTION 08: MANAGEMENT ETC., OF GANESH FLOUR MILLS

(1) On the appointed day, the general superintendence, direction, control and management of the affairs and business of the Ganesh ' Flour Mills shall,-

(a) where a direction has been made by the Central Government under sub-section (1) ofsection 5-, vest in the Government company specified in such direction; or

(b) where no such direction has been made by the Central Government, vest m one or ' more Custodians appointed by the Central Government under sub-section (2), and thereupon the Government company so specified or the Custodian or Custodians so appointed, as the case maybe, shall be entitled to exercise, to exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to the Ganesh Flour Mills.

(2) The Central Government may appoint one or more individuals or a Government company as the Custodian or Custodians of the Ganesh Flour Mills in relation to which no direction has been made by it under sub-section (1) of S. 5.

(3) The Custodian or Custodians so appointed shall receive, from the funds of the Ganesh Flour Mills such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.

(4) The Custodian or Custodians of the Ganesh Flour Mills shall maintain an account of the Ganesh Flour Mills in such form and manner and under such conditions as may be prescribed andthe provisions of the Companies Act, 1956-, shall apply to the audit of the accounts so maintained as they apply to the audit of the account of a Company.