(1) The undertaking of the company shall be deemed to include all assets, rights, powers, authorities and privileges and all properties, movable and immovable, including lands, buildings, machineries, plants and equipments, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such properties as were, immediately before the appointed day, in the ownership, power or control of the company in relation to the undertaking and all books of account, registers, records and all other documents of whatever nature relating thereto but does not include any amount recoverable by the company from its debtors.
(2) Any contract, whether express or implied, or other arrangement, whether under any statute or otherwise, in so far as it relates to the management of the business and 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.
(3) All persons in charge of the management, including managers or any other personnel connected with the management of the company immediately before the appointed day, shall cease to deal with the management on and from the appointed day.
(4) The State Government may take or cause to be taken all necessary steps for securing the possession of all properties of the undertaking which have vested in the State Government under section 3.
5. The undertaking which has vested in the State Government under section 3 shall be managed by such person or body of persons as may be appointed by the State Government in this behalf and such person or body of persons shall carry on the management in accordance with such rules as may be made by the State Government.