LawgistAll Acts
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.
| Act Id | 197457 |
| Act Number | 57 |
| Enactment Date | 1974-12-21 |
| Act Year | 1974 |
| Ministry | Ministry of Textiles |
| Enforcement Date | 01-04-1974 |
- PRELIMINARY
- ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS
- 3 Acquisition of rights of owners in respect of sick textile undertakings
- 4 General effect of vesting
- 5 Owner to be liable for certain prior liabilities
- 6 National Textile Corporation to form subsidiary corporations
- 7 Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
- PAYMENT OF AMOUNT
- MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS
- PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS
- COMMISSIONERS OF PAYMENTS
- 17 Appointment of Commissioners of Payments
- 18 Payment by the Central Government to the Commissioner
- 19 Certain powers of the National Textile Corporation
- 20 Claims to be made to the Commissioner
- 21 Priority of claims
- 22 Examination of claims
- 23 Admission or rejection of claims
- 24 Disbursement of money by the Commissioner to claimants
- 25 Disbursement of amounts to the owners of sick textile undertakings
- 26 Undisbursed or unclaimed amounts to be deposited to the general revenue account
- MISCELLANEOUS
- 27 Assumption of liability
- 28 Management to continue to vest in the Custodian until alternative arrangements are made
- 29 Act to override all other enactments
- 30 Contracts to cease to have effect unless ratified by National Textile Corporation
- 31 Transfer of assets, etc., to be void in certain cases
- 32 Penalties
- 33 Offences by companies
- 34 Protection of action taken in good faith
- 35 Textile companies not to be wound up by the court
- 36 Delegation of powers
- 37 Power to make rules
- 38 Power to remove difficulties
- 39 Declaration as to the policy of the State
- 40 Repeal and savings
- 41 Validation
