Section 4 in The Bist Industrial Corporation, Limited (Acquisition of Undertaking) Act, 1970
4. General effect of vesting.
- Subject to the other provisions contained in this Act, all contracts, relating to the undertaking of the Company, which are subsisting immediately before the 12th day of September, 1970 and affecting the Company, other than contracts creating any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation referred to in Section 3 shall cease to have effect or be enforceable against the Company or any person who cease was sure or had guaranteed the performance thereof and shall be of as full force and effect against or in favour of the State Government and enforceable as fully and effectually as if instead of the Company the State Government had been named therein or had been a party thereto.
