(1) The State Government may, by an order published in the Official Gazette, take over the management of the undertaking of the company and appoint an officer not below the rank of a Deputy Secretary to the State Government (hereinafter referred to as the Administrator), for managing the undertaking of the company in accordance with the provisions of this Act and the rules made thereunder.
(2) An order made under sub-section (I) shall remain in force for a period of three years from the date of its publication in the Official Gazette.
4. With effect from the appointed day—
(i) the Administrator appointed under section 3 shall have all the powers of management in relation to the undertaking of the company;
(ii) all persons exercising any power of management in relation to the undertaking of the company, including persons holding offices as Directors, Agents or Managers, as the case may be, immediately before the appointed day, shall cease to exercise such power;
ii) persons employed in connection with the undertaking of the company and continuing in office immediately before the appointed day shall be employed by the State Government on such terms and conditions, not being less advantageous than what they were entitled to immediately before the appointed day, as may be determined by the State Government by rules made in this behalf.
Use of 5. All properties which remain under the management of the State Government under this Act shall be used for the purposes for which they properties un er te management were being used immediately before the appointed day and upon the expiry of the State Govern- of the period of three years the management of such properties shall revert ment. to the company.
Persons to assist the Administrator.