3. Vesting and disposal of property and powders of Administrator.-
(1) Notwithstanding anything contained in any law for the time being in force, the property described in the Schedule, whether in the name of His Highness the Nawab of Junagadh, or the Dewan or the Private Secretary to His Highness the Nawab of Junagadh, or the Manager and Engineer-in-Chief, Junagadh State Railway, or the Chief Accounts Officer, Junagadh State, or any other person whatsoever or in the name of more than one of them, shall be deemed on and from the 9th day of November 1947 to have vested in the Administrator, and the Administrator shall, as from that date, hold and be entitled to and have the power to deal with and dispose of the said property as such Administrator.
(2) Without prejudice to the generality of the foregoing provisions, the Administrator shall have the power to-
(a) receive and give full and effectual discharge for or in respect of the bank deposits, securities and shares described in the Schedule;
(b) sell, transfer or otherwise dispose of or deal with such property.