(1) Notwithstanding anything contained in sections 3 and 4, the Government may, by order in writing, direct that the undertaking of the Society together with all its properties, assets, liabilities and obligations specified in sub-section (1) of section 4 shall, instead of continuing to vest in the Government, vest in the Company either on the date of publication of the direction or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in that direction.
(2) Where an order vesting the undertaking of the Society in the Company is made under sub-section (1), all the rights, liabilities and obligations of the Government in relation to the undertaking of the Society shall, on and from the date of such vesting, be deemed to have become the rights, liabilities and obligations, respectively of the Company.
(3) The Company shall, in the management and administration of the undertaking of the Society, act in accordance with such directions, if any, as may be issued by the Government in this behalf.