(1) All assets which have vested in the State Government under section 3 shall, by force of such vesting, be freed and discharged from any trusts, obligations, mortgages, charges, liens and other encumbrances affecting them, and any attachment, injunction or any decree or order of any court restricting the use of such assets in any manner shall be deemed to have been withdrawn.
(2) Every liability of the owner, agent, manager or managing contractor of the Company, in respect of any period prior to the appointed day, shall be the liability of such owner, agent, manager or managing contractor, as the case may be, and shall be enforceable against him and not against the State Government or the existing Government Company.
Explanations.—For the purposes of this sub-section,—
(a) "owner", when used in relation to the Company, and "agent" shall have the meanings respectively assigned to them in section 2 of the Mines Act, 1952, the provisions of which 35 of 1952.
shall apply mutatis mutandis;
(b) "meaning contractor" shall have the meaning assigned to it in section 2 of the Coal Mines (Nationalisation) Act, 1973, 26 of 1973.
the provisions of which shall apply mutatis mutandis.
180 The Ganges Printing Ink Factory Limited (Acquisition and Transfer of Assets) Act, 1993.
XVIII of 1993.]
(Sections 5, 6.)