Lawgist5Jute companies to be liable for certain prior liabilities
(1) Every liability, other than the liability specified in sub-section (2), of a jute company in respect of any period prior to the appointed day, shall be the liability of that company and shall be enforceable against it, and not against the Central Government, or, where the undertakings of the jute company vest in the Jute Manufactures Corporation, against that Corporation.
(2) Any liability arising in respect of loans advanced by the Central Government or any State Government, or both, to a jute company (together with interest due thereon) after the management of the undertakings of the said jute company had been taken over by the Central Government shall, on and from the appointed day, be the liability of the Central Government and shall be discharged by that Government, or by the Jute Manufactures Corporation as and when repayment of such loans becomes due and payable.
(3) For the removal of doubts, it is hereby declared that--
(a) save as otherwise expressly provided in this Act, no liability, other than the liability specified in sub-section (2), of any jute company in relation to its undertakings in respect of any period prior to the appointed day, shall be enforceable against the Central Government or where the undertakings of such company are directed under section 6, to vest in the Jute Manufactures Corporation, against that Corporation;
(b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of any jute company, passed after the appointed day, in respect of any matter, claim or dispute, which arose before that day, not being a matter, claim or dispute in relation to any liability specified in sub-section (2), shall be enforceable against the Central Government or where the undertakings of such company are directed under section 6, to vest in the Jute Manufactures Corporation, against that Corporation;
(c) no liability incurred by any jute company before the appointed day for the contravention of a provision of any law for the time being in force shall be enforceable against the Central Government or where the undertakings of such company are directed under section 6, to vest in the Jute Manufactures Corporation, against that Corporation.
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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
