Section 4D in The Indian Iron And Steel Company (Taking Over Of Management) Act,1972
4D. Custodian to vacate office. [Inserted by Act 36 of 1974, Section 4 (w.e.f. 28-6-1974) ]
(1)The Custodian shall, on and from the date on which the management of the undertaking of the company is taken over by the Board of management, vacate his office as such; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of the Board of management or as the Administrator.(2)On the vacation of his office, the Custodian shall, where he is not appointed as the Administrator, forthwith deliver to the Administrator possession of all assets and properties of the company which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Custodian.]
