(1) The undertaking of the Company shall be deemed to include the properties, cash balances, reserve funds and other assets of the Company including lands, buildings, works, machinery, plants, rolling stocks, lines, mains, motors, dynamos, switch-boards, apparatus, tools, implements, motor trucks and other like property which may be in the ownership, possession, custody or control of the Company in relation to its undertaking, immediately before the appointed day and all books of accounts, registers and all other documents of whatever nature relating thereto.
259 Definitions.
Undertaking of the Company to vest in the State Government.
General effect of vesting.
The Calcutta Tramways Company (Acquisition of Undertaking) Act, 1976.
[West Ben. Act (Section 5.)
Explanation.—For the avoidance of doubts, it is hereby declared that the expression "undertaking of the Company" does not include—
(a) any debt due to the Company; and
(b) any amount recoverable by the Company from its share-holders or directors.
(2) All properties included as aforesaid in the undertraking of the Company which has vested in the State Government under section 3 shall, by force of such vesting, be freed and discharged from any trusts, obligations, mortgages, charges and other encumbrances affecting them, and any attachment, injunction or any decree or order of any court restricting the use of any such property in any manner shall be deemed to have been withdrawn.
(3) Any contract, whether express or implied, or other‘ arrangement whether under any statute or otherwise, in so far as it relates to the affairs of the Company in relation to its undertaking and in force immediately before the appointed day shall be deemed to have terminated on the appointed day.
(4) If on the appointed day, any suit, appeal or other proceeding, of whatever nature, in relation to any business of the undertaking of the Company is pending by or against the Company, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertaking of the Company or of anything contained in this Act and the suit, appeal or other proceeding may be continued, proceeded with and enforced by or against the Company.
(5) Every person in whose possession or custody or under whose control the undertaking of the Company or any part of it may be, immediately before the appointed day, shall, on the appointed day, deliver the possession of the said undertaking or part thereof to the State Government or to such person as may be specified by the State Government in this behalf.
(6) The State Government may take, or cause to be taken, all necessary steps for securing the possession of the undertaking of the Company which has vested in it under section 3.
Management 5. The undertaking of the Company which has vested in the and State Government under section 3, shall be managed on behalf of the administration of the State Government by such person as may be appointed by the State Company. Government in this behalf in accordance with such rules as may be prescribed.
260 The Calcutta Tramways Company (Acquisition of Undertaking) Act, 1976.
LIV of 1976.]
(Sections 6, 7.)