(1) The undertakings of each of the two companies re|err«d tojuvsoatian 3 shall be deemed to include all assets, rights, lease-holds, powers* )M|fchqritî ai and privileges, and all property, movable and immovable, including lands, fcraildmgs, workshops, stores, instruments, machinery - fcind eqtrfpriienty -̂ fcash b r a c e s , cash on hand, cheques, demand drafts, reserve funds* i SrfvesfeaieaiuJi ty*pk debts and 411 other rights and interests in,,t>r arising bait of, 9Hch(p«i0piD|*£ as were immediately before the appointed day in tht , flWiGMhip^poBSflwiflgk POjwer or control of such company whether withjn qr- w<aid$uJodity 'aodtt 4ft books of account, registers and all other docw»ents of .wh^ver iOatujj& 1 ^ } ^ thereto.
General effect of vesting.
(.2) All pfoperftes as aforesaid which have vested. ,in -the CentraLtGfljiotnineat leader ^ectioor 3 shally by fewee of such ve&ting, be freed- ivnd, riificiwJE^doiroM any- trust, obligation, mortgage, charge, hen and aU pthcr inoumfcrancoSr agtBtijjflt them, aod any attachment, injunction, decree or ordei of any court, JiJ(buBal or other authority restricting the use of such properties in any manner p t fjjJk pointing any receiver in respect of the W M P °H any part qf «uch ppxperjlw shall be deemed to have been withdiawn.
(3) Every mortgagee of any propeity which has vested under this Orduiance in the Central Government an4 every persoA holding any charg^, lien or other interest in, or in relati6n to, any such jpro'pWtjT shall give',' ̂ itnlili4 sutih*(Jtimiej and.'1in such manner as may be prescribed, an intimation 'td'the'CbmnrfiSfoner of such mortgage, charge, lien or other interest.'
(i4) ;For»the removal of doubts, it h hereby, declared thatjithef.nNgiftgJlgee of any property referred to in sub-section (J) or Any other person /toe$ittg any charge, hen ot other inteiest m, oi in relation to, any such property shall be entitled to claim, in accordance with bis rights and interests, payment of the mortgage money or other dues, in whole or in patrt, out'bf tli^dmoUnHpBclfled, iff relation to the company owning such property, in tnfe- FifefS&ietfnlfc; and also dtrt of the Amounts referred to in section 9, Wit, no s#Jhf>ntt>rtgag&, <Sterge, lien 'ot other interest shall be enforceable against toy property Wfeteh hai vested in the Central GoVemment 4 THE GAZETTE OF INDIA EXTRAORDINARY [PAHT II—
(5) Any licence or other instrument granted to either of the two companies in relation to any undertaking which has vested in the Central Government under section 3 at any time before the appointed day and in force immediately before that day shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking, and, on and from the date of vesting of such undertaking under section 6 in an existing Government company, or under section 7 in a new Government company, the existing, or new, Government company, as the case may be, shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to such existing, or new, Government company and such existing, or new, Government company, shall hold it for the remainder of the;
period for which the company to which it was granted would have held it under1 the terms thereof.
(6) If, on the appointed day, any suit, appeal or other proceeding of whatever nature, in relation to any property which has vested in the Central Government under section 3, instituted or preferred by or against either of the two;
companies is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of such company or of anything contained in this Ordinance, but the suit, appeal or1 other proceeding may be continued, prosecuted or enforced by or against thp Central Government, or where the undertakings of the two companies vest under section 6 or section 7 in an existing, or a new, Government company, bv or attains* such Government company.