Section 3. Power of Government to take over the undertaking.

(1) The undertaking shall be deemed to have been taken over by transferred to and vested in, the Government on an from the 16th day of July, 1977 at 13:00 hours. (2) The Government shall, by force of vesting in it of the undertaking under sub-section (1), be deemed to have entered into possession of all the properties movable and immovable, fixed assets, rights, powers, authorities and privileges of the undertaking form the vesting date.