1 of 1956 (6) notwithstanding anything contained in this act or in the companies <\ct, 1956 or in any other law for the time being in force or in the regulations, of a corporation, no director of the board, chairman, managing director or any other person entitled to manage the whole or a substantial part of the business and affairs of that corporation shall be entitled to any compensation against that corporation or against the company, ~ ag the case may be, for the, loss of office or for the premature termina, tion of any contract of management entered into by him with that corporation power x 9 the central government may give to a company directions ag to - the exercise and performance by that company of its functions, and that 10 company shall be bound to give effect to any such directions of central government to give directions, power to remove difficulties, 10 (1) if any difficulty arises in giving effect to the provisions of this' act, the central government may, by order published in the official gazette, not inconsistent with the provisions of this act, remove the _ ditficulty: ae i provided that no such order shall be made after the expiry of a _ period of two years from the coming into force of this act (2) every order made under sub-section (1) shall be laid before each house of parliament :  repeal l1l (1) the air corporationg act, 1953 is hereby repealed, (2) the corporations shall, with the repeal of the air corporations 'act, 1953, cease to exist,act 27 of 1953 and corporations to cease to exist  statement of objects and reasonsin the fast developing international air-transport industry, mobilisadion of progressively larger funds becomes necessary for all airlines to meet their growth requirements, indian airlines and air india, both tonstituted under the air corporations act, 1953 need to tap the capital market for equity funds rather than depend solely on budgetary support from the government as envisaged under the act as a part of the liberalisation set in motion under the new economic policy, private sector investment has also been permitted in the air transport sector it has, therefore, been found necessary to repeal this act 9 the salient features of the bill are: - (a) repeal of the air corporations act, 1953 (27 of 1953) ; (ob) undertakings of corporations to vest in two proposed companies namely, air india limited and indian airlines limited this would involve transfer of assets and liabilities of the two corporatons to the two proposed companies; (c) all licences, permits, quotas and exemptions to be deemed to have been granted to the proposed companies; (d) the tax exemptions or benefits available to the corporations to continue to have effect in relation to the proposed companies; (e) guarantees given for or in favour of the corporation to any loan or lease fimance to continue to be operative; (f) every officer or other employee of the corporations would become, as from the appointed date, an officer or other employee, as the case may be, in which the undertakings, have vested, with the same terms and conditions of service, etc with option to resign; (g) power of central government to give directions to the companies ; 3 the bill seeks to achieve the above objects the 27th april, 1992