(1) If at any time it appears to the State Government necessary to do so, the State Government may, by notification in the Official Gazette, declare that an industrial undertaking specified in the notification whether started, acquired or otherwise taken over by the State Government, and carried on or proposed to be carried on by itself or under its authority, [or to which any loan, guarantee or other financial assistance has been provided by the State Government] shall, with effect from the date specified for the purpose in the notification, [be conducted] to serve as a measure [of preventing unemployment or] of unemployment relief and the undertaking shall accordingly be deemed to be a relief undertaking for the purposes of this Act.
(2) A notification under sub-section (1) shall have effect for such period not exceeding twelve months as may be specified in the notification ; but it shall be renewable by like notifications from time to time for further periods not exceeding [twelve months] at a time, so however that all the periods in the aggregate do not exceed [fifteen years].