Section 3 in The Bist Industrial Corporation, Limited (Acquisition of Undertaking) Act, 1970
3. Vesting.
- On the commencement of this Act, the undertaking of the Company shall by virtue of this Act, be and stand transferred to and vest, in the State Government free from any debt, mortgage, charge or other encumbrance or lien, trust or similar obligation of the Company or attaching to the undertaking:Provided that any such debt, mortgage, charge or other encumbrance or lien, trust, or similar obligation shall attach to the compensation referred to in Section 8 in substitution for the undertaking.
