(1)\ On the appointed day, the undertaking of the Metal Corporation, and the right, title and interest of the Metal Corporation in relation to its undertaking, shall stand transferred to, and shall vest absolutely in, the Central Government.
Vesting of the undertaking of the Metal Corporation in the Central Government.
(2) Subject to the other provisions contained in this Ordinance, all property included in the- undertaking of the Metal Corporation which has vested in the Central Government under sub-section (1) shall, by force of such vesting, be freed and discharged from any trusts, obligations, mortgages, charges, liens and other incumbfrances affecting it, and any, attachment, injunction or any decree or order of a court, tribunal or other authority restricting the use of such property in any manner shall be deemed to have been withdrawn.
(3) Subject to the other provisions contained in this Ordinance, all contracts and working arrangements which are subsisting immediately before the appointed day and affecting the Metal Corporation shall, in so far as they relate to the undertaking of the Metal Corporation, cease to have effect or be enforceable against the Metal Corporation or any person who was surety or had guaranteed the performance thereof and shall be of as full force and effect against or in favour of the Central Government and enforceable as fully and effectually as if, instead of the Metal Corporation, the Central Government had been named therein or had been a party thereto.
(4) Subject to the other provisions contained in this Ordinance, any proceeding or cause of action pending or existing immediately; before the appointed day by or against the Metal Corporation or the Central Government or the Government company referred to in section 12, in relation to the undertaking of the Metal Corporation may, as front that day, be continued and enforced by or against the Central Government or the Government company as it might have been enforced by or against the Metal Corporation, the Central Government or the Government company, as the case may be, if this Ordinance had not been promulgated, and shall cease to be enforceable by or against the Metal Corporation, its surety or guarantor.
8. (I) Where the right of the Metal Corporation under any mining lease granted, or deemed to have been granted to it by any State Government or any other person, vest in the Central Government under section 7, the Central Government shall, on and from the date of such vesting, be deemed to have become the lessee of such State Government or such other person, as the case may be, in relation to such mine, as if a mining lease in respect of such mine had been granted to the Central Government, and the period of such lease shall be the entire period for which such lease could have been granted by the State Government or such other person under the Mineral Concession Rules, and, thereupon all the rights under such mining lease, including surface, underground and other rights granted to the lessee shall be deemed to have been transferred to, and vested in, the Central Government.
Central Government to be the lessee of the State Govern.
ment,
(2) On the expiry of the term of any lease referred to in sub-section
(1), such lease shall, if so desired by the Central Government, be renewed 074 THE GAZETTE OP INDIA EXTRAOJtDtNARV [PART it— by the State Government or other person on the same terms and conditions on which such lease waVTield immediately J»eiore the appointed day by the Metal Corporation, for the maximum period for which such lease could be renewed under the Mineral Concession Rules.