Burn Company and Indian Standard Wagon Company (Nationalisation) Act ,1976
Act No : 97
Section : DUTY OF PERSONS IN CHARGE OF MANAGEMENT OF THE UNDERTAKINGS OF THE TWO COMPANIES TO DELIVER ALL ASICTI, ETC
SECTION 10: DUTY OF PERSONS IN CHARGE OF MANAGEMENT OF THE UNDERTAKINGS OF THE TWO COMPANIES TO DELIVER ALL ASICTI, ETC
(1) On the vesting of the management of the undertakings of the two companies in a Government company or on the appointment of a Custodian, all persons in charge of the management of the undertakings of either of the two companies immediately before such vesting or appointment shall be bound to deliver to the Government company or the Custodian, as the case maybe, all assets, books of account, registers or other documents in their custody relating to the undertakings of such company.
(2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Government Company or the Custodian as to its or his powers and duties and the Government Company or Custodian may also. if it or he so desires, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the two companies shall be conducted by it or him or in relations any other matter arising in the course of' such management.
(3) The Custodian shall receive from the funds of the undertakings, in relation to which he is the Custodian, such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
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