Section 5: Notwithstanding Parts II and III, where a company takes

5. Notwithstanding Parts II and III, where a company takes over, or acquires all or part of the assets of a company, including its premises found on State land, a reduction of annual rental by 50 per cent shall be applicable for the first 10 years of the lease provided that – (a) the company being taken over or the assets of which are being acquired is in administration, receivership or liquidation; (b) the company is granted a lease under section 6(1C) for the State land on which stands the business premises of the company being taken over or the assets of which are being acquired and the lease was previously governed by section 6(1D); and (c) the take over or acquisition occurs on such conditions relating to safeguard of employment or on such other terms and conditions as the Minister may approve.