(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) of section 5, vest in the Government company specified in such direction; or Management, etc. of Ganesh Flour Mills.
(b) where no such direction has been made by the Central Government, vest in one or more Custodians appointed by the Central Government under sub-seciinti (2). and thereupon the Government company so 6 THE GAZETTE OF INDIA EXTRAORDINARY fPAirr M— specified or the Custodian or Custodians so appointed, as the case may be, shall be entitled to exercise, to the 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 section 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.
(•/) The Custodian or Custodians of the Ganesh Mour Mills snan maintain an account of the Ganesh Flour Mills in such form and manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956, shall apply to the audit of the accounts so maintained as they apply to the audit of the accounts of a company.
1 of 1956:
9. On the vesting in the Central Government or a Government company of the Ganesh Flour Mills, all persons in charge of the management of the Ganesh Flour Mills immediately before the date of such meeting, shall be bound to deliver to the Central Government or the Government company or to such person or body of persons as the Central Government or the Government company may specify in this behalf, all assets, books of account, registers or other documents in their custody relating to the Ganesh Flour Mills.
Duty of persons In charge of management of Ganesh Flour Mills to deliver assets, etc.