Lawgist16Certain powers of Central Government or Jute Manufactures Corporation
(1) The Central Government or the Jute Manufactures Corporation, as the case may be, shall be entitled to receive, up to the specified date, to the exclusion of all other persons, any money due to any jute company in relation to its undertakings which have vested in the Central Government or the Jute Manufactures Corporation, and realised after the appointed day, notwithstanding that the realisation pertains to a period prior to the appointed day.
(2) The Central Government or the Jute Manufactures Corporation, as the case may be, may make a claim to the Commissioner with regard to every payment made by that Government or Corporation, after the appointed day for discharging any liability of a jute company, not being any liability specified in sub-section (2) of section 5, in relation to any of the undertakings owned by it in respect of any period prior to the appointed day; and every such claim shall have priority, in accordance with the priorities attaching under this Act to the matter in relation to which such liability has been discharged by the Central Government or the Jute Manufactures Corporation.
(3) Save as otherwise provided in this Act, the liabilities of a jute company in relation to any of the undertakings owned by it in respect of any transaction prior to the appointed day, which have not been discharged on or before the specified date, shall be the liabilities of that company.
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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
