(1) The general superintendence, direction, control and management of the assets of the Company, the right, title and interest in relation to which have vested in the State Government under section 3, shall, when a direction has been given by the State Government under sub-section (1) of section 5, vest, on and from the date specified in such direction, in the existing Government Company specified therein, and thereupon the existing Government Company so specified shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as the Company is authorised to exercise and do in relation to its assets.
(2) Notwithstanding anything contained in sub-section (1), the existing Government Company as aforesaid may, on such terms and conditions as it may determine and with the prior approval of the State Government, nominate, for management of the assets, any co-operative society registered or deemed to be registered under the West Bengal Co-operative Societies Act, 1983, and thereupon such co-operative society shall carry on the management on behalf of the existing Government Company in accordance with such regulations as may be made by the State Government in this behalf.