The Shipping Development Fund Committee (Abolition) Act,1986
Section 11. Effect of notified order
(1) On the issue of a notified order under section 10-
(a) If the shipowner is a company as defined in the Companies Act,1956(1 of 1956), all persons holding office as directors of the shipowner, and in any other case, all persons holding any office having the powers of superintendence, direction and control 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 shipowner and any director or person referred to in clause (a) holding office as such immediately before the issue of the notified order shall be deemed to have been terminated.
(2) The directors or administrators appointed under section 10 shall take such steps as may be necessary to take into their custody or under their control, the property, effects and actionable claims to which the shipowner is, or appears to be, entitled, and all the property and effects of the shipowner shall be deemed to be in the custody of the directors or administrators, as the case may be, as from the date of the notified order.
(3) Subject to the other provisions of this Act, the directors appointed under section 10, shall, for all purposes, be the directors of such company duly constituted under the Companies Act,1956, and such directors shall alone be entitled to exercise all the powers of such directors.