[(1) Subject to the provisions of this Act, all evacuee property situate in the State shall be deemed to have vested in the Custodian,—
(a) in case of the property of an evacuee as defined in sub-clause (i) of clause (c) of section 2, from the date on which he leaves or left any place in the State for any place outside the territories now forming part of India ;
(b) in the case of the property of an evacuee as defined in subclause (ii) of clause (c) of section 2, from the 15th day of August, 1947 ; and
(c) in the case of any other property, from the date it has been registered as evacuee property.
(2) Where immediately before the commencement of this Act, any property in the State had vested as evacuee property in any person exercising the powers of a Custodian under any corresponding law in force in the State immediately before such commencement, the property shall, on the commencement of this Act, be deemed to be evacuee property declared as such within the meaning of this Act and shall be deemed to have vested in the Custodian appointed under this Act, and shall continue to so vest.]
(3) Where any property belonging to a joint stock company had vested in any person exercising the powers of a Custodian immediately before the commencement of this act, then, nothing contained in clause (d) of section 2 shall affect the operation of sub-section (2), but the Government may, by notification in the [Official Gazette], direct that the Custodian shall be divested of any such property in such manner and after such period, as may be specified in the notification.