¹[29. (1) Notwithstanding anything contained to the contrary in this Order, the Government may, in public interest, convert the Corporation into a public limited company under the Company Act, 1994 (Act No. XVIII of 1994).

(2) The Government may, by agreement, transfer the entire undertaking of the Corporation to the Company referred to in sub-section (1) on such terms and conditions as may be specified in the agreement.

(3) As soon as the Corporation has been converted into a public limited company and undertaking of the Corporation has been transferred to the Company, the Government shall notify the fact in the official Gazette and shall, by the same notification declare that the Corporation has been dissolved.

Explanation: The word “undertaking of the Corporation” includes its employees, business, projects, schemes, assets, rights, powers, authorities and privileges, movable and immovable properties, reserve funds investments, deposits, borrowings, liabilities and obligations of whatever nature.

(4) The Government may, for the purpose of removing any difficulty in relation to the transfer of the undertaking of the Corporation under sub-section (2) or the dissolution thereof under sub-section (3), make by a notification in the official Gazette, such order as it considers expedient and any such order shall be deemed to be, and given effect to as, part of the provisions of this Order.