(1) Until an Administrator has been appointed under section 5, Management notifie the person-in-charge of management of a notified Institution immediately of Institution d before the date of vesting shall, on and from that date, be in charge of the pending management of such Institution for and on behalf of the Government and appointment of the management of such Institution shall be carried on by such person Adminissubject to the provisions of sub-section (2) and such directions, if any, as trator.
the Government may issue in this behalf and no other person (so long as such management continues) shall exercise any power of management in relation to such notified Institution.
(2) No person referred to in sub-section (1) shall— West Ben.
Act XXVI of 1961.
(i) incur any expenditure otherwise than for the purpose of making payments of salaries to employees or commissions to agents or for the purpose of meeting the day to day expenditure;
(ii) transfer or otherwise dispose of any asset or create any charge, hypothecation, lien or other incumbrance thereon;
(iii) enter into any contract of service or agency, whether expressly or by implication, for purposes connected with the affairs of the notified Institution or vary the terms and conditions of any contract subsisting on the date of vesting.