Section 4 in The Niramoy Group Of Institutions Acquisition Act, 1982
4. General effect of vesting. -
(1)The Institution shall be deemed to include all rights, powers, authorities and privileges related to, and properties movable or immovable, cash balances, reserve fund and other assets of, the Institution including lands, buildings, works, machinery, furniture, plants, laboratories, libraries, dispensaries, apparatus, tools, instruments, implements which may be in the ownership, possession, custody or control of the Institution immediately before the appointed day and all books of accounts, registers and all other documents of whatever nature relating thereto.(2)Every deed of gift, endowment, bequest or trust or other documents relating to any property and assets referred to in clause (b) of section 2 or subsection (1) of this section shall be construed as if it were made or executed in favour of the State Government.(3)Properties which vest in the State Government under this Act shall, by virtue of the vesting, be freed and discharged from any trust, obligations, mortgages, charges and other encumbrances affecting them and any attachment, injunction or any decree or order of any court restricting the use of any such property in any manner shall be deemed to have been withdrawn.(4)Any contract, whether express or implied, or any arrangement, whether under any statute or otherwise, or any order made by any court, in so far as it creates any encumbrance or any liability in relation to the Institution or any part of it shall be deemed to have terminated on the appointed day.(5)Every person in whose possession or custody or control the Institution or any part of it may be immediately before the appointed day shall, on the appointed day, deliver possession of the Institution or part thereof to the State Government or to such person or authority as may be specified by the State Government in this behalf.(6)Every person, who has in his possession or control any book, document or other papers relating to the Institution or any part of it, shall be liable to account for the said book, document or other papers to the State Government or to such person as the State Government may appoint in this behalf.(7)Subject to the provisions of sub-section (4), if on the appointed day any suit, appeal of other proceeding of whatever nature by or against the Institution is pending, the same shall be continued, proceeded with or enforced by or against the Institution.(8)The liabilities of the Institution shall, on and from the appointed day, be met by the State Government in such manner as may be prescribed.(9)The State Government may take, or cause to be taken, all necessary steps for securing the possession of the Institution which has vested in it under this Act.
