10. Management, etc., of Textile undertakings.—The National Textile Corporation or any person
which that Corporation may, by order in writing, specify, shall be entitled to exercise the powers of
general superintendence, direction, control and management of the affairs and business of a textile
undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation
under sub-section (2) of section 3, and do all such things as the owner of the textile undertaking is
authorised to exercise and do.
11. Special provision for disposal of assets of the textile undertakings in certain
circumstances.—If the National Textile Corporation considers it necessary or expedient for the better
management, modernisation, restructuring or revival of a textile undertaking so to do, it may, with the
previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land,
plant, machinery or any other assets of any of the textile undertakings:
Provided that the proceeds of no such transfer, mortgage, sale or disposal of assets shall be utilised for
any purpose other than the purpose for which the sanction of the Central Government has been obtained.
12. Duty of persons in charge of management of textile undertakings to deliver all assets, etc.,—
On the vesting of the management of a textile undertaking in the National Textile Corporation, all persons
in charge of the management of such textile undertaking immediately before such vesting shall be bound
to deliver to the National Textile Corporation all assets, books of account, registers or other documents in
their custody relating to the textile undertaking.
13. Accounts.—The National Textile Corporation shall maintain the accounts of the textile
undertakings in accordance with the provisions of the Companies Act, 1956(1 of 1956).