(1)The Central Government may serve on the parties to a contract relating to prospecting or mining of any substance from which any of the prescribed substances can be obtained or to production or use of atomic energy or to research into matters connected therewith, not being a contract for the rendering of personal services, a notice in writing stating that on such date as may be specified in the notice the rights and liabilities of any of the parties to the contract specified in the notice (hereinafter referred to as the specified party) will be transferred to the Central Government, and thereupon subject to any withdrawal of the notice under the following provisions of this section, the contract shall, as regards any rights exercisable, or liabilities incurred, on or after the said date, have effect as if the Central Government were a party to the contract instead of the specified party and as if for any reference in the contract to the specified party there were substituted as reference to the Central Government.
