Lawgist logo - L!

LAWGIST

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

  1. PRELIMINARY

  2. 1
     Short title and commencement
  3. 2
     Definitions

  • ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS

  • 3
     Acquisition of rights of owners and vesting of the textile undertakings
  • 4
     General effect of vesting
  • 5
     Owner 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 the National Textile Corporation for the value of the assets transferred to it by the Central Government

  • PAYMENT OF AMOUNTS

  • 8
     Payment of amount to owners of textile undertakings
  • 9
     Payment of further amount

  • MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS

  • 10
     Management, etc., of textile undertakings
  • 11
     Special provision for disposal of assets of the textile undertakings in certain circumstances
  • 12
     Duty of persons in charge of management of textile undertakings to deliver all assets, etc
  • 13
     Accounts

  • PROVISIONS RELATING TO EMPLOYEES OF TEXTILE UNDERTAKINGS

  • 14
     Employment of certain employees to continue
  • 15
     Provident and other funds
  • 16
     Transfer of employees to a subsidiary textile corporation

  • COMMISSIONERS OF PAYMENTS

  • 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
  • 26
     Undisbursed or unclaimed amounts to be deposited to the general reserve account

  • MISCELLANEOUS

  • 27
     Assumption of liability
  • 28
     Management to continue to vest in the custodian until alternative arrangements are made
  • 29
     Act to override all other enactments
  • 30
     Contracts to cease to have effect unless ratified by the National Textile Corporation
  • 31
     Penalties
  • 32
     Offences by companies
  • 33
     Protection of action taken in good faith
  • 34
     Textile companies not to be wound up by the court
  • 35
     Delegation of powers
  • 36
     Power to make rules
  • 37
     Power to remove difficulties
  • 38
     Repeal and saving
  • 39
     Validation