The Textile Undertakings (Nationalisation) Act `1995
An Act to provide for the acquisition and transfer of the textile undertakings, and the right, title and interest of the owners in respect of the textile undertakings, specified in the First Schedule with a view to augmenting the production and distribution of different varieties of cloth and yarn so as to subserve the interests of the general public and for matters connected therewith or incidental thereto.
List of Chapters & Sections
PRELIMINARY
ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
PAYMENT OF AMOUNTS
MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF TEXTILE UNDERTAKINGS
COMMISSIONERS OF PAYMENTS
MISCELLANEOUS
PRELIMINARY
ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS
- 3Acquisition of rights of owners and vesting of the textile undertakings
- 4General effect of vesting
- 5Owner to be liable for certain prior liabilities
- 6Transfer of any textile undertaking or part thereof to a subsidiary textile corporation
- 7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
PAYMENT OF AMOUNTS
MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF TEXTILE UNDERTAKINGS
COMMISSIONERS OF PAYMENTS
- 17Appointment of Commissioners of Payments
- 18Payment by the Central Government to the Commissioner
- 19Certain powers of the National Textile Corporation
- 20Claims to be made to the Commissioner
- 21Priority of claims
- 22Examination of claims
- 23Admission or rejection of claims
- 24Disbursement of money by the Commissioner to claimants
- 25Disbursement of amounts to the owners
- 26Undisbursed or unclaimed amounts to be deposited to the general reserve account
MISCELLANEOUS
- 27Assumption of liability
- 28Management to continue to vest in the custodian until alternative arrangements are made
- 29Act to override all other enactments
- 30Contracts to cease to have effect unless ratified by the National Textile Corporation
- 31Penalties
- 32Offences by companies
- 33Protection of action taken in good faith
- 34Textile companies not to be wound up by the court
- 35Delegation of powers
- 36Power to make rules
- 37Power to remove difficulties
- 38Repeal and saving
- 39Validation