Vesting of disclaimed property.

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....charge by way of demise in respect of such property, claiming under the company, the Court may direct that notice shall be given to such under-lessee, mortgagee or holder of charge, that if he does not elect to accept and apply for a vesting order upon the terms required by the above-mentioned sub-section and such other terms as the Court may think just, within a time to be fixed by the Court and ....