Lawgist19Certain powers of the National Textile Corporation
(1) The National Textile Corporation shall be entitled to receive, up to the specified date, to the exclusion of all other persons, any money due to the sick textile undertaking, realised after the appointed day, notwithstanding that the realisations pertain to a period prior to the appointed day.
(2) The National Textile Corporation may make a claim to the Commissioner with regard to every payment made by the Custodian after the appointed day but before the date on which the Ordinance was promulgated for discharging any liability of the owner of a sick textile undertaking in relation to 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 Custodian.
(3) Save as otherwise provided in this Act, the liabilities in relation to a sick textile undertaking in respect of any period prior to the appointed day which have not been discharged by the Custodian shall be the liabilities of the owner of that sick textile undertaking.
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- 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
