Amritsar Oil Works (Acquisition and Transfer of Undertakings) Act,1982
Act No : 50
Section : MANAGEMENT, ETC. OF AMRITSAR OIL WORKS
SECTION 08: MANAGEMENT, ETC. OF AMRITSAR OIL WORKS
- (1) On the appointed day, the general superintendence, direction, control and management of the affairs and business of the Amritsar Oil Works shall -
(a) where a direction has been made by the Central Government under sub- section (1) ofsection 5-, vest in the Government company specified in such direction; or
(b) where no such direction has been made by the Central Government, vest in one or more custodians appointed by the Central Government under sub- section (2), and thereupon the Government company so specified or the Custodian or Custodians so appointed, as the case may be, shall be entitled to exercise, to the exclusion of all other persons, all such powers and do all such things as the Amritsar Sugar Mills Company is authorised to exercise and do in relation to its Amritsar Oil Works.
(2) The Central Government may appoint one or more individuals or a Government company as the Custodian or Custodians of the Amritsar Oil Works in relation to which no direction has been made by it under sub-section (1) ofsection 5-.
(3) The Custodian or Custodians so appointed shall receive, from the funds of the Amritsar Oil Works, such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
(4) The Custodian or Custodians of the Amritsar Oil Works shall maintain an account of the Amritsar Oil Works in such form and manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956, shall apply to the audit of the accounts so maintained as they apply to the audit of the accounts of a company
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