(1) The general superintendence, direction, control and management of the affairs of the undertakings, the right, title and interest in relation to which have vested in the Central Government under section 3-, shall,-
(a) where a direction has been made by the Central Government under sub-section (1) of section 6-vest in the Foundation; or
(b) where no such direction has been made by the Central Government vest in a Custodian appointed by the Central Government under sub-section (2). and, thereupon, the Foundation, or the Custodian so appointed, as the case may be, shall be entitled to exercise all such powers and do all such things as the Society, trust or body, as the case may be, is authorised to exercise and do in relation to its undertakings.
(2) The Central Government may appoint any person as the Custodian of the undertakings in relation to which no direction has been made by it under sub-section (1) of section 6-.
(3) The Custodian so appointed shall receive such remuneration as the Central Government may fix and shall hold office during the pleasure of the Central Government.
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