(1) The Corporation or any person which the Corporation may, by order in writing, specify, shall be entitled to exercise the powers of general superintendence, direction, control and management of the affairs and business of the textile undertaking, the right, title and interest of an owner in relation to which have vested in the Corporation under sub-section (2) of section 3, and to do all such things as the owner of the textile undertaking is authorised to exercise and do.
(2) Notwithstanding anything contained in sub-section (1) or any other law for time being in force, it shall be lawful for the Corporation to reorganise and reconstruct the textile undertaking and thereby form such units as the Corporation deems fit.
Duty of persons in charge of management of textile undertaking to deliver all assets, etc.
9. On the vesting of the management of the textile undertaking in the Corporation, all persons in charge of the management of such textile undertaking immediately before such vesting shall be bound to deliver to the Corporation all assets, books of account, registers or other documents in their custody relating to the textile undertaking.
Accounts
10. The Corporation shall maintain the accounts of the textile undertaking in accordance with the provisions of the Companies Act, 1956.
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CHAPTER-IV Provisions relating to employees of textile undertaking Employment of certain employees