The Sick Textile Undertakings (Nationalisation) Act
An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto.1974
List of Chapters & Sections
PRELIMINARY
ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS
PAYMENT OF AMOUNT
MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS
COMMISSIONERS OF PAYMENTS
MISCELLANEOUS
PRELIMINARY
ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS
3Acquisition of rights of owners in respect of sick textile undertakings4General effect of vesting5Owner to be liable for certain prior liabilities6National Textile Corporation to form subsidiary corporations7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central GovernmentPAYMENT OF AMOUNT
MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS
COMMISSIONERS OF PAYMENTS
17Appointment of Commissioners of Payments18Payment by the Central Government to the Commissioner19Certain powers of the National Textile Corporation20Claims to be made to the Commissioner21Priority of claims22Examination of claims23Admission or rejection of claims24Disbursement of money by the Commissioner to claimants25Disbursement of amounts to the owners of sick textile undertakings26Undisbursed or unclaimed amounts to be deposited to the general revenue accountMISCELLANEOUS
27Assumption of liability28Management to continue to vest in the Custodian until alternative arrangements are made29Act to override all other enactments30Contracts to cease to have effect unless ratified by National Textile Corporation31Transfer of assets, etc., to be void in certain cases32Penalties33Offences by companies34Protection of action taken in good faith35Textile companies not to be wound up by the court36Delegation of powers37Power to make rules38Power to remove difficulties39Declaration as to the policy of the State40Repeal and savings41Validation