12. (1) Where the owner of a cotton ginning or pressing factory has leased the factory for a period of not less than one month in the case of a cotton ginning factory, or three months in the case of a cotton pressing factory, and the lessor retains no interest in the management or profits of the factory and notice of the lease has been given by the lessor and the lessee to the prescribed authority, the lessee shall be deemed to be the owner of the factory, from the date of the notice and for the period of the continuance of the lease, for the purposes of sections 5, 6, 7, 8, 9, 10 and 11.
(2) On the termination of the lease, the lessee shall, handover to the lessor the registers, maintained under section 5, and the lessor shall forthwith report to the prescribed authority any default of the lessee in complying with the provisions of this sub-section or in maintaining the register in accordance with the provisions of section 5.
(3) If default is made in handing over any register of making any report as required by this section, the lessor or the lessee, as the case may be, shall be punishable with fine which may extend to fifty rupees.