Section 27 in Madura Sugars Limited (Acquisition and Transfer of Undertaking) Act, 1984
27. Management to continue to vest in the Custodian until alternative arrangements have been made.
- Notwithstanding the vesting under this Act of the undertaking in the Government or an existing, or a new, Government company,-(a)the person who has been managing the affairs of the undertaking before the date on which the understanding had so vested shall, until alternative arrangements have been made by the Government or, as the case may be, such Government company, for the management of the undertaking continue to manage the affairs of the undertaking as if such person had been authorised by the Government or, as the case may be, such Government company, to manage the undertaking;(b)such person or any person authorised by him for this purpose shall, until alternative arrangements have been made by the Government or, as the case may be, such Government company, continue to be authorised to operate, in relation to the undertaking any account of the undertaking in any bank as if such person or the person authorised by him had been authorised by the Government or such Government company to operate such account.
