Lawgist6Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation
(1) Notwithstanding anything contained in sections 3 and 4, the Central Government shall, as soon as may be, after the appointed day, direct, by notification, that the undertakings of every jute company and the right, title and interest of every jute company in relation to its undertakings, which have vested in that Government under section 3, and such of the liabilities of every jute company as are specified in sub-section (2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Jute Manufactures Corporation either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.
(2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the jute companies in relation to their respective undertakings vest, under sub-section (1), in the Jute Manufactures Corporation, that Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Jute Manufactures 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
