(1) Notwithstanding anything contained in sections 3 and 4, the Central Government shall, as soon as may be after the appointed day, direct, by notification, that the undertakings and the right, title and interest of the Society, trust or body in relation to such undertakings which had vested in the Central Government under section 3, shall, instead of continuing to vest in the Central Government, vest in the Foundation either on the date of publication of the notification or on such earlier or later date as may be specified in the notification.
(2) Where the right, title and interest of the Society, trust or body in relation to the undertakings vest, under sub-section (1), in the Foundation, the Foundation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Foundation.
(2) Where the right, title and interest of the Society, trust or body in relation to the undertakings vest, under sub-section (1), in the Foundation, the Foundation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become, the rights and liabilities, respectively, of the Foundation.
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More sections of this act
Section 1 · Short title.Section 2 · Definitions.Section 3 · Transfer to, and vesting in, the Central Government of certain undertakings of the Society, trust and bodies.Section 4 · General effect of vesting.Section 5 · Central Government or Foundation to be liable for certain prior liabilities.Section 7 · Management, etc., of the undertakings.Section 8 · Duties of persons in charge of management by undertakings to deliver all assets.Section 9 · Certain powers of the Central Government or the Foundation.India Code, Government of India. Text fetched 15 Oct 2026. Source metadata reports last modification: 2025-08-12. Check the linked official text and subsequent notifications when applying a provision.