Lawgist11Duty of persons to account for assets, etc., in their possession
(1) Any person who has, on the appointed day, in his possession or under his control any assets, books, documents or other papers relating to any undertaking owned by a jute company which has vested in the Central Government or the Jute Manufactures Corporation under this Act, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the Jute Manufactures Corporation and shall deliver them up to the Central Government or the Jute Manufactures Corporation or to such person or persons as the Central Government or the Jute Manufactures Corporation may specify in this behalf.
(2) The Central Government or the Jute Manufactures Corporation may take or cause to be taken all necessary steps for securing possession of the undertakings of the jute companies which have vested in the Central Government or the Jute Manufactures Corporation under this Act.
(3) Every jute company shall within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all its property and assets, as on the appointed day, pertaining to its undertakings which have vested in the Central Government under section 3, and for this purpose, the Central Government or the Jute Manufactures Corporation shall afford to such company all reasonable facilities.
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- 1 Short title
- 2 Definitions
- 3 Transfer to, and vesting in, the Central Government of the undertakings of the jute companies
- 4 General Power of vesting
- 5 Jute companies to be liable for certain prior liabilities
- 6 Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation
- 7 Payment of amount
- 8 Payment of further amount
- 9 Management, etc., of the undertakings of the jute companies
- 10 Duty of persons in charge of management of the undertakings to deliver all assets, etc
- 11 Duty of persons to account for assets, etc., in their possession
- 12 Continuance of employees
- 13 Provident fund and other funds
- 14 Appointment of Commissioner of Payments
- 15 Payment by Central Government to the Commissioner
- 16 Certain powers of Central Government or Jute Manufactures Corporation
- 17 Claims to be made to the Commissioner
- 18 Priority of Claims
- 19 Examination of claims
- 20 Admission or rejection of claims
- 21 Disbursement of money by the Commissioner
- 22 Disbursement of amounts to the jute companies
- 23 Undisbursed or unclaimed amounts to be deposited with the general revenue account
- 24 Act to have overriding effect
- 25 Assumption of liability
- 26 Management to continue to vest in certain persons until alternative arrangements have been made
- 27 Contracts to cease to have effect unless ratified by the Central Government or Jute Manufactures Corporation
- 28 Penalties
- 29 Offences by companies
- 30 Protection of action taken in good faith
- 31 Delegation of powers
- 32 Power to make rules
- 33 Power to remove difficulties
