(1) Notwithstanding anything contained in sections 3 and 4, the Central Government shall, as soon as may be after the appointed day, direct, by notification, that the undertakings and the right, title and interest of the Society, trust or body in relation to such undertakings which had vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government, vest in the Foundation either on the date of publication of the notification or on such earlier or later date as may be specified in the notification.
(2) Where the right, title and interest of the Society, trust or body in relation to the undertakings vest, under sub-section (1), in the Foundation, the Foundation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Foundation.