Section 5: Vesting in a Government company

5. Vesting in a Government company.—(1) The Federal Government may, by notification in the official Gazette, direct that the Esso undertakings shall stand transferred to and vest in the Government company on such day, not being a day earlier than the commencing day, as may be specified in the notification. (2) Where Esso undertakings vest in the Government company under sub-section (1), the Government company shall, on and from the day of such vesting, be deemed to have become the owner, tenant, occupant, lessee or licence, as the case may be, in relation to Esso undertakings, and all the rights and liabilities of the Federal Government in relation to Esso undertakings shall, on and from the day of such vesting, be deemed to have become the rights and liabilities, respectively, of the Government company. (3) Where Esso undertakings vest in the Government company, under sub-section (1), all officers and employees transferred to the Federal Government under sub-section (1) of section 10 shall, on and from the day of such vesting, stand transferred to the Government company, and the provisions of sub-sections (2), (3), (4) and (5) of section 4, sections 6 and 7, sub-section (5) of section 10 and sections 11, 12, 13, 15 and 17 shall apply to the Government company as they apply to the Federal Government and, in the application of the said sections for the purposes of this section, a reference to the Federal Government shall be construed as a reference to the Government company.

Effective date: 1976-01-01

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