Section 4(2) in S.K.V.A. Co-operative Pharmacy and Stores (Acquisition and Transfer of Undertaking) Act, 1976
(2)All contracts and working arrangements which are subsisting immediately before the appointed day and affecting the Society shall, in so far as they relate to the undertaking of the Society, cease to have effect or be enforceable against the Society or any person who was surety, or had guaranteed the performance thereof, and shall be of as full force and effect against or in favour of the Government and enforceable as fully and effectually as if, instead of the Society, the Government had been named therein or had been a party thereto
