Article 296 — Subject as hereinafter provided, any property in the territory of India which, if this Constitution had not

come into operation, would have accrued to His Majestyor, as the case may be, to the Ruler of an Indian State by escheat or lapse, or as bona vacantia for want of a rightful owner, shall, if it is property situate in a State, vest insuch State, and shall, in any other case, vest in the Union: Provided that any property which at the date when it would have so accrued to His Majesty or to the Ruler of an Indian State was in the possession or under the control of the Government of India or the Governmentof a State shall, according as the purposes for which it was then used or held were purposes of the Union or of a State, vest in the Union or in that State. Explanation.— In this article, the expressions “Ruler” and “Indian State” have the same meanings as inarticle 363.Property accruing by escheat or lapseor as bona vacantia.THE CONSTITUTION OF INDIA (Part XII. —Finance, Property, Contracts and Suits. — Arts. 295-296.)176 1[297. (1) All lands, minerals and other things of value underlying the ocean within the territorial waters, or the continental shelf, or the exclusive economic zone, of India shall vest in the Union and be held for the purposes ofthe Union. (2) All other resources of the exclusive economic zone of India shall also vest in the Union and be held for the purposes of the Union. (3) The limits of the territorial waters, the continental shelf, the exclusive economic zone, and other maritimezones, of India shall be such as may be specified, fromtime to time, by or under any law made by Parliament.] 2[298. The executive power of the Union and of each State shall extend to the carrying on of any trade orbusiness and to the acquisition, holding and disposal ofproperty and the making of contracts for any purpose: Provided that— (a) the said executive power of the Union shall, in so far as such trade or business or such purpose isnot one with respect to which Parliament may makelaws, be subject in each State to legislation by the State; and (b) the said executive power of each State shall, in so far as such trade or business or such purposeis not one with respect to which the State Legislaturemay make laws, be subject to legislation by Parliament.]