(1) There shall be an Administrator, to be appointed by the Central Government, to assist the Board of management to manage the affairs of the undertaking of the company.
Appointment of an Administrator.(2) The Chairman or any other member of the Board of management may be appointed by the Central Government as the Administrator.
(3) All officers and other persons employed in connection with the affairs of the undertaking of the company shall be subordinate to the Administrator.
(4) The Administrator shall exercise^ subject to the direction, control and supervision of the Board pf management, such powers and discharge such functions of management in relation to the undertaking of the company as the Central Government may specify in this behalf.
(5) The Administrator shall receive from the funds of the undertaking of the company such remuneration as the Central Government may fix.
4D. (I) The Custodian shall, on and from the date on which the management of the undertaking of the company is taken up by the Board of management, vacate his office as such; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of the Board of management or as the Administrator.
Custodian to vacate office.
(2) On the vacation of his office, the Custodian shall, where he is not appointed as the Administrator, forthwith deliver to the Administrator possession of all assets and properties of the company which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Custodian.