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Chapter IV

Management of The Old Company

10. Management of the old company.-

(1) The affairs of the old company shall be managed by a Custodian to be appointed by the Central Government in this behalf:

Provided that the Central Government may, if the Custodian declines to become, or to continue to function as, the Custodian or if it is of opinion that it is necessary in the interests of the old company so to do, appoint any other person as the Custodian of the old company.

(2) The Custodian appointed under sub-section (1) shall receive, from the funds of the old company, such emoluments as the Central Government may specify in this behalf.

(3) The Custodian shall hold office during the pleasure of the Central Government.

Richardson and Cruddas Ltd. (Acquisition and Transfer of Undertaking) Act, 1972 Back

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