(1) The undertakings vested under section 3-shall be deemed to include all the assets, rights, leaseholds, powers, authorities and privileges, and all property (movable and immovable), including lands, buildings, works, workshops, projects, stores, instruments, machinery, automobiles and other vehicles, cash balances, funds, including reserve funds, investments and book debts of the Society, trust or body as form part of. or are relatable to, Auroville and all other rights and interests arising out of such properties as were immediately before the appointed day in the ownership, possession, power or control of the Society, trust or body, whether within or without India, and all books of account, registers, maps, plans and all other documents of whatever nature relating thereto.
(2) All properties and assets as aforesaid which have vested in the Central Government under section 3-shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other incumbrances affecting them or of any attachment, njuneton, decree or order of any court or other authority restricting the use of such properties or assets in any matter or appointing any receiver in respect of the whole or any part of such properties of assets shall be deemed to have been withdrawn.
(3) Any licence or other instrument granted to the Society, trust or body in relation to any undertaking which was vested in the Central Government under section 3-at any time before the appointed day and in force immediately before the appointed day, shall continue to be in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking or where the undertaking is directed under section 6-to vest in the Foundation, the Foundation shall be deemed to be substituted in such licence or other instrument as if such licence or other instrument had been granted to the Foundation and the Foundation shall hold it for the remainder of the period for which the Society, trust or body would have held it under the terms thereof.
(4) If, on the appointed day, any suit, appeal or other proceeding, of whatever nature, in relation to any property or asset which has vested in the Central Government under section 3-, instituted or preferred by or against the Society, trust or body is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the undertakings of the Society, trust or body or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government, or where the undertakings of the Society, trust or body are directed under section 6-to vest in the Foundation, by or against the Foundation.
#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon