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[Cites 0, Cited by 0] [Section 24(4)] [Section 24] [Entire Act]

State of Gujarat - Subsection

Section 24(4)(b) in The Gujarat Electricity Industry (Reorganisation and Regulation) Act, 2003

(b)On the issue of the order authorising the taking over of the management of the undertaking-
(i)all persons in-charge of the management immediately before the issue of the order shall be deemed to have vacated their offices; and
(ii)the person or body of persons authorised to take over (hereinafter in this section referred to as "the authorised person or body") shall take all such steps as may be necessary to take into his or their custody or control all the necessary to take into his or their custody or control all the property, effects and actionable claims to which the undertaking is or appears to be entitled and all the property and effects of the undertaking shall be deemed to be in the custody of the person or, as the case may be, body of persons as from the date of the order;
(iii)where the undertaking of a licensee is a company, the persons authorised to take over the management of the undertaking shall, for all purposes, be the directors of the undertaking duly constituted under the Companies Act, 1956 (1 of 1956) and shall alone be entitled to exercise the powers of the directors of the undertaking whether such powers are derived from the said Act or the Memorandum or Articles of Association of the undertaking or from any other source;
(iv)subject to the control of the Commission, the authorised person or body shall take such steps as may be necessary for the purpose of effectively managing the business of the undertaking and shall exercise such other powers and have such other duties as may be specified by the Commission;
(v)the authorised person or body shall, notwithstanding anything contained in the Memorandum or Articles of Association of the licensee, exercise his or their functions in accordance with such directions as may be given by the Commission.