The Textile Undertakings (Nationalisation) Act
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.1995
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 undertakings4General effect of vesting5Owner to be liable for certain prior liabilities6Transfer of any textile undertaking or part thereof to a subsidiary textile corporation7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central GovernmentPAYMENT OF AMOUNTS
MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS
PROVISIONS RELATING TO EMPLOYEES OF TEXTILE UNDERTAKINGS
COMMISSIONERS OF PAYMENTS
17Appointment of Commissioners of Payments18Payment by the Central Government to the Commissioner19Certain powers of the National Textile Corporation20Claims to be made to the Commissioner21Priority of claims22Examination of claims23Admission or rejection of claims24Disbursement of money by the Commissioner to claimants25Disbursement of amounts to the owners26Undisbursed or unclaimed amounts to be deposited to the general reserve accountMISCELLANEOUS
27Assumption of liability28Management to continue to vest in the custodian until alternative arrangements are made29Act to override all other enactments30Contracts to cease to have effect unless ratified by the National Textile Corporation31Penalties32Offences by companies33Protection of action taken in good faith34Textile companies not to be wound up by the court35Delegation of powers36Power to make rules37Power to remove difficulties38Repeal and saving39Validation