Lawgist25Assumption of liability
(1) Where any liability of the Company in relation to any textile undertaking arising out of any item specified in Part I of the Schedule is not discharged fully by the Commissioner out of the amounts paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged and that liability shall be assumed by the Central Government.
(2) The Central Government may, by order, direct the National Textile Corporation to take over the liability assumed by the Central Government under sub-section (1), and on receipt of such direction, it shall be the duty of that Corporation to discharge such liability.
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- 24 Act to have overriding effect
- 25 Assumption of liability
- 26 Contracts to cease to have effect unless ratified by National Textile Corporation
- 27 Penalties
- 28 Offences by companies
- 29 Protection of action taken in good faith
- 30 Delegation of powers
- 31 Power to make rules
- 32 Power to remove difficultie
- 33 Repeal and saving
