(1) The undertaking of the company shall be deemed to include 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 as were immediately beicue the appointed day m the ownership, possession, power or control of the company, whether within or outside India, and all books of accounts, registers and all other documents of whatever nature relating thereto and shall also ba deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting oi' the company in relation to the undertaking.
(2) All property included as aforesaid in the undertaking which has vested in the Central Government under section 3 shall, by force of such vesting, be freed and discharged from any trusts, obligations, mortgages, charges, liens and other encumbrances affecting it, and any attachment, injunction or any decree or order of any court restricting the use of such property in any manner shall be deemed to have been withdrawn.
(3) Subject to the other provisions of this Ordinance, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day, and affecting the company shall, in so far as they relate to the undertaking of the company, cease to have effect or be enforceable against the company or any person who was a surety or had guaranteed the performance thereof and shall be of as full force and effect against or in favour of the Central Government and enforceable as fully and effectively as if instead of the company the Central Government had been named therein or had been a party thereto.
(4) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertaking of the company is pending by or against the company, the same shall not abate, i of lose.
I of lose.
SEC 1] THE GAZETTE OF INDIA EXTRAORDINARY 355 be discontinued or be, in any vay, prejudicially affected by reason of the transfer ol the undertaking of tlie company or of anything contained in this Ordinance but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or againpt the ••ompony.