LawgistThe Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act
3Transfer and vesting of the textile undertakings
(1) On the appointed day, every textile undertaking and the right, title and interest of the Company in relation to every such textile undertaking shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.
(2) Every such textile undertaking which stands vested in the Central Government by virtue of sub-section (1) shall, immediately after it has so vested, stand transferred to, and vested in, the National Textile Corporation.
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ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
- 3 Transfer and vesting of the textile undertakings
- 4 General effect of vesting
- 5 Company to be liable for certain prior liabilities
- 6 Transfer of any textile undertaking or part thereof to a Subsidiary Textile Corporation
- 7 Shares to be issued by National Textile Corporation for the value of assets transferred to it by the Central Government
