Industries (Development ＆ Regulation) Act, 1951

Section - 18B - Effect of notified order under section 18A

[Effect of notified order under section 18A.

18B. (1) On the issue of a notified order under section 18A authorising the taking over of the management of an industrial undertaking-

(a)-all persons in charge of the management, including persons holding office as managers or directors of the industrial undertaking immediately before the issue of the notified order, shall be deemed to have vacated their offices as such;
(b)-any contract of management between the industrial undertaking and any managing agent or any director thereof holding office as such immediately before the issue of the notified order shall be deemed to have been terminated;
(c)-the managing agent, if any, appointed under section 18A shall be deemed to have been duly appointed as the managing agent in pursuance of the Indian Companies Act, 1913 (7 of 1913), and the memorandum and articles of association of the industrial undertaking, and the provisions of the said Act and of the memorandum and articles shall, subject to the other provisions contained in this Act, apply accordingly, bu .... To read the full section download the app from Google Play store