(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 a person or body of persons for managing the undertaking of the company in accordance with the provisions of this Act and the rules made thereunder.
213 Taking over of management of the undertaking of the company.
The Mackintosh Burn (Taking over of Management) Act, 1976.
[West Ben. Act (Sections 4-6.)
(2) An order made under sub-section (1) shall remain in force for a period of five years from the date of its publication in the Official Gazette:
Provided that the State Government may extend the period by one year at a time so, however, that the total period of such extension shall not exceed five years.
Effect of an order made under section 3.
4. With effect from the appointed day—
(i) the person or body of persons 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, but excluding those who are salaried employees of the undertaking of the company shall, subject to the provisions of clause (iii),,cease to exercise such power;
(iii) all salaried employees of the undertaking of the company including persons holding salaried offices as whole-time Directors, Agents or Managers 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.
5. All properties which remain under the management of the State Government under this Act shall be used for the purposes for which they were being used immediately before the appointed day and upon the expiry of the period of such management the properties shall revert to the company.