On the appointed day, the Roerich and Devikarani Roerich Estate (hereinafter referred to as the "Estate"), and the rights, title and interest of the owners and transferees in relation to the Estate, shall, by virtue of this Act stand transferred to and shall vest absolutely in the State Government.
Section 4 - General effect of vesting
(1) The Estate shall be deemed to include all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, including buildings, jewellery, painting, art works and all other rights and interests in or arising out of such property, as were immediately before the appointed day in the ownership, possession, power or control of the owners or transferees and all books of accounts, registers and other documents of whatever nature relating thereto.
(2) All properties aforesaid, which have vested in the State Government under section 3 shall, by virtue of such vesting be freed and discharged from any trust, obligation, mortgage, lease, charge, lien and all other encumbrances affecting them and any attachment, injunction or decree or order of any court or any authority restricting the use of such property, in any manner shall be deemed to have been withdrawn.
(3) Every mortgage of any property which has vested under this Act, in the State Government and every person holding any charge, lease, lien or other interest in or in relation to, any such property shall give within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, lease, charge, lien or other interest.
(4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (3) or any other person holding any charges, lease, lien or other interest in or in relation to any such property shall be entitled to claim in accordance with his rights and interest payment of the mortgage money or other dues in whole or in part out of the amount specified in section 7 and also out of the amount determined under section 8 but no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the State Government.
(5) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any property which has vested in the State Government under section 3 instituted or preferred by or against the owners or transferees is pending the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the Estate or anything contained in this Act but the suit, appeal or other proceeding may be continued, prosecuted and enforced by or against the State Government or where the Estate is directed under section 6 to vest in the Board by or against the Board.
Section 5 - Owners or transferees to be liable for certain prior liabilities
(1) Every liability of the owners or transferees in relation to the Estate in respect of any period prior to the appointed day, shall be the liability of such owners or transferees, as the case may be, and shall be enforceable against them and not against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board.
(2) For the removal of doubts it is hereby declared that,-
(a) save as otherwise expressly provided in this section or in any other section of the Act, no liability of the owners or transferees in relation to the Estate in respect of any period prior to the appointed day shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board;
(b) no award, decree or order of any court, tribunal or other authority in relation to the Estate passed after the appointed day in respect of any matter, claim or dispute in relation to any matter which arose before that day shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board;
(c) no liability incurred by the owners or transferees before the appointed day, for the contravention of any provision of any law for the time being in force shall be enforceable against the State Government or where the Estate is directed under section 6 to vest in the Board, against the Board.
Section 6 - Power of State Government to direct vesting of the Estate in the Board
(1) Notwithstanding anything contained in sections 3 and 4, the State Government shall direct by notification, that the Estate which was vested in the State Government under section 3, shall instead of continuing to vest in the State Government, vest in the Board with effect from the appointed day.
(2) Where the right, title and interest in relation to the Estate vest in the Board under sub-section (1) the Board shall on and from the date of such vesting be deemed to have become the owner in relation to such Estate and all the rights and liabilities of the State Government under the Act on and from the date of such vesting be deemed to have become the rights and liabilities of the Board.
Section 7 - Amount to be given to owners, transferees and other interested persons
For the transfer to and vesting in the Government of the Estate under section 3 and the right, title and interest in relation to the Estate, the Government shall pay an amount of rupees five hundred lakhs by depositing the same with the Commissioner and the said amount shall be paid to the owners, transferees or such other persons entitled thereto in the manner specified in Chapter IV.
Section 8 - Payment of further amounts
(1) The amount specified in section 7 shall carry simple interest at the rate of four percent per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the State Government to the Commissioner.
(2) The amount determined in accordance with the provisions of sub-section (1) shall be given by the State Government to the owners, transferees and such other persons entitled thereto, as the case may be, in addition to the amount specified in section 7.
(3) For the removal of doubts it is hereby declared that the liability of the owners or transferees in relation to the Estate which has vested in the State Government under section 3 shall be discharged from out of the amount referred to in section 7 and also from out of the amounts determined under sub-section (1) in accordance with the rights and interest of the creditors of the owners or transferees, as the case may be.