Section 378L — Vesting of undertaking in Producer Com pany

(1) All properties and assets, movable and
immovable, of, or belonging to, the inter-State co-operative society as on the date of transformation, shall
vest in the Producer Company.
(2) All the rights, debts, liabilities, interests, privileges and ob ligations of the inter-State co-operative
society as on the date of transformation shall stand transferred to, and be the rights, debts, liabilities,
interests, privileges and obligations of, the Producer Company.
(3) Without prejudice to the provisions contained in sub-section (2), 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
as on the date of transformation for or in connection with their purposes, sh all be deemed to have been
incurred, entered into, or engaged to be done by, with or for, the Producer Company.
(4) All sums of money due to the inter -State co -operative society immediately before the date of
transformation, shall be deemed to be due to the Producer Company.
(5) Every organisation, which was being managed immediately before the date of transformation by
the inter-State co-operative society shall be managed by the Producer Company for such period, to such
extent and in such manner as the circumstances may require.
(6) Every organisation which was getting financial, managerial or technical assistance from the inter-
State co -operative society, immediately before the date of transformation, may continue to be given
financial, managerial or technical assistance, as the case may be, by the Producer Company, for such period,
to such extent and in such manner as that company may deem fit.
(7) The amount representing the capital of the erstwhile inter-State co-operative society shall form part
of the capital of the Producer Company.
(8) Any reference to the inter-State co-operative society in any law other than this Act or in any contract
or other instrument, shall be deemed to be reference to the Producer Company.
(9) If, on the date of transformation , there is pending any suit, arbitration, appeal or other legal
proceeding of whatever nature by or against the inter -State co-operative society, the same shall not abate,
be discontinued or be in any way prejudicially affected by reason of the incorporati on of the Producer
Company under section 378C or transformation of the inter -State co -operative society as a Producer
Company under section 378J, as the case may be, but the suit, arbitration, appeal or other proceeding, may
be continued, prosecuted and enforced by or against the Producer Company in the same manner and to the
same extent as it would have, or may have been continued, prosecuted and enforced by or against the inter-