4. Incorporation of National Dairy Development Board.—(1) The National Dairy Development
Board is hereby constituted a body corporate by the same name, and as such body corporate, it shall have
perpetual succession and a common seal with power, subject to the provisions of this Act, to acquire, hold
and dispose of property and to contract, and shall, by that name, sue and be sued.
(2) The head office of the National Dairy Development Board shall be at Anand in the State of
Gujarat.
(3) The National Dairy Development Board may establish units, offices, branches or agencies at any
such place in or outside India as it may consider necessary.
5. Vesting of undertakings of Indian Dairy Corporation in National Dairy Development Board
and dissolution of Indian Dairy Corporation.—(1) On and from the appointed day, subject to the other
provisions of this Act, all the undertakings of the Indian Dairy Corporation shall stand transferred to and
vest in the National Dairy Development Board.
(2) Notwithstanding anything contained in the Companies Act, the Indian Dairy Corporation shall, on
and from the appointed day, stand dissolved by virtue of the provisions of this Act.
6. Effect of incorporation of National Dairy Development Board.—On and from the appointed
day,—
(a) all properties and assets, movable and immovable, of, or belonging to, the society and the
Indian Dairy Corporation (hereinafter referred to as the dissolved company) shall vest in the National
Dairy Development Board;
(b) all the rights, debts, liabilities, interests, privileges and obligations of the society and the
Indian Dairy Corporation shall stand transferred to, and be the rights, liabilities, interests, privileges
and obligations of, the National Dairy Development Board;
(c) without prejudice to the provisions of clause (b), all debts, liabilities and obligations incurred,
all contracts entered into and all matters and things engaged to be done by, with or for, the society or
the dissolved company, immediately before the appointed day for or in connection with their
purposes, shall be deemed to have been incurred, entered into, or engaged to be done by, with or for,
the National Dairy Development Board;
(d) all sums of money due to the society and the dissolved company, immediately before the
appointed day, shall be deemed to be due to the Board;
(e) every subsidiary or the society and the dissolved company shall become the subsidiary of the
National Dairy Development Board;
(f) every organisation, which was being managed immediately before the appointed day by the
society or, as the case may be, by the dissolved company, shall be managed by the National Dairy
Development Board for such period to such extent and in such manner as the circumstances may
require;
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(g) every organisation which was getting financial, managerial or technical assistance from the
society or the dissolved company, immediately before the appointed day, may continue to be given
financial, managerial or technical assistance, as the case may be, by the National Dairy Development
Board, for such period, to such extent and in such manner as the National Dairy Development Board
may deem fit;
(h) the amount representing the capital of the dissolved company shall form part of the funds of
the National Dairy Development Board;
(i) any reference to the society or, as the case may be, to the dissolved company, in any law other
than this Act or in any contract or other instrument, shall be deemed to be reference to the National
Dairy Development Board.
7. Saving of legal proceedings.—If, on the appointed day, there is pending any suit, arbitration,
appeal or other legal proceedings of whatever nature by or against the society or the dissolved company,
the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the
incorporation of the National Dairy Development Board under section 4 or dissolution of the Indian Dairy
Corporation under section 5, as the case may be, but the suit, arbitration, appeal or other proceedings may
be continued, prosecuted and enforced by or against the National Dairy Development Board in the same
manner and to the same extent as it would or may have been continued, prosecuted and enforced by or
against the society or the dissolved company, as the case may be, if this Act had not been passed.