s 19 Rights of Board in case of default
19.—(1) Where any enterprise which is under a liability to the Board under an agreement makes any default in repayment or otherwise fails to comply with the terms of its agreement with the Board, the Board has, without affecting any other rights or remedies which it may possess under the law, the right to take over the management of the enterprise, as well as the right to sell and realise the property pledged, mortgaged, hypothecated or assigned to the Board. (2) Any transfer of property made by the Board in exercise of its powers of sale and realisation under subsection (1) vests in the transferee all rights in or to the property transferred as if the sale had been made by the owner of the property. (3) The Board has the same rights and powers with respect to goods manufactured or produced wholly or partly from goods forming part of security held by it, as it had with respect to the original goods. (4) Where the Board takes over the management of an enterprise under subsection (1), it is deemed to be the owner of the enterprise for purposes of suits by or against the enterprise and may sue and be sued in the name of the owner of the enterprise.