(1) Notwithstanding anything contained in section 3, the Central Government may, if it is satisfied that a Government company is willing to comply, or has complied, with such terms and conditions as that Government may think fit to impose, direct, by an order in writing, that the ownership in relation to the Konkan passenger ships shall, instead of continuing to vest in the Central Government, vest in that Government company either on the date of publication of the direction or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the direction.
(2) Where an order vesting the ownership of the Konkan passenger ships in any Government company is made under sub-section (1), all the rights, liabilities and obligations of the Central Government in relation to such ships shall, on and from the date of such vesting, be deemed to have become the rights, liabilities and obligations, respectively, of the Government company.