Section 5(5) in Karnataka Co-Operative Textile Mills (Acquisition and Transfer) Act, 1986
(5)Any licence or other instrument granted to the lessor or lessee in relation to the mills which has vested in the Government under section 4, at any time before the appointed day and in force immediately before that 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 the mills, and on and from the date of vesting of the mills under section 8 in the Company, the Company shall be deemed to be substituted in such licence or other instrument in place of the lessor or lessee referred to therein as if such licence or other instrument had been granted to the Company and the Company shall hold it for the remainder of the period for which the lessor or lessee would have held it under the terms thereof.
