Amendment status not verified — confirm the current text below against the official source.
Short title and cornnzencenzent.—(l) This Act may be called the Commonwealth Trust, Kozhikode (Acquisition and Transfer of Undertaking) Act, 2012. (2) It shall come into force at once. 2 Definisions.—(l) In this Act, unless the context otherwise requires,— . . . . (a) "Commissioner" means the Commissioner of payments appointed under section 17; . . ) 'Govermnent" means the Government of Kerala, "owner" méansthe ersoii or association of persons who or which was immediately before the date of commencement of this Act the proprietor or lessee or occupier of the undertaking or any part thereof or a perso1 or persons who purchased land from the undertaking and includes the subsequent transferees of such land; "prescribed" means prescribed by rules made under this Act; S "State Industrial Development Corporation" means the Kerala State Industrial Development Corporation formed and registered under th Companies Act, 1956 (Central Act I of 1956); (f) "textile company" means the company specified in column 1) of the First Schedule as owning the undertaking specified in thecorresponding entry in column (2) of that Schedu1e / (g) "undertaking" means the textile undertaking specified in the First Schedule; / (h) "unused land" means the properties sold by the undertaking or any person or authority on its behalf which are in the possession and ownership of the transferees but remain unused as on the date of èommencement of this Act and more specifically described in the ' ThirdfSchedule to this Act; / (2) Words and expressions• used but not defined in this Act and ' defined in the Industries (Development and Regulation) Act, 1951 (Central Act 65 of 1951), shall have the meanings respectively assigned to them in that tAct. or, I (3) Words and expressions used but. not defined either in this Act the Industries (Devçlopment and Regulation) Act, 1951 (Central Act 65 jf 1950, and defined in the Companies Act, 1956 (Central Act I of 1956), shall have the meanings respectively assigned to them in the Conpanies Act, 1956 (Central Act 1 of 1959. 4 CHAPTER II ACQUISITION OF THE RIGHTS OF OWNER OF THE UNDERTAKING Acquisition of rights of owner in respect of the undertaking.— (1) The right, title and interest of the owner in relition to the undertaking and the unused land shall, by virtue of this Act, stand transferred to, and shall vest absolutely in, the Government. (2) The said undertaking and the unused land which stand vested in the Government by virtue of sub-section (1) shall, immediately after it v has so vested, stand transferred to, and vest in, the State Industrial Development Corporation. General effect of vesting.—(l) The undertaking referred to in section 3 shall be deemed to. include all assets, rights including lease-hold rights, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, reserve funds, investments and book debts and all other rights and interests in, or arising out of, such property as were immediately before the date of commencement of this Act in the possession, power or control of the owner and all books of account, registers and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities and obligations specified in sub-section (2) of section 5, All property as aforesaid which have vested in the Government under sub-section (1) of section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting it, and any attachment, injunction or decree or order of any cotirt restricting the use of such. property in any manner shall be deemed to have been withdrawn. Where any licence or other instrument in relation to the said undertaking had been granted at any 4time before the date of commencement of this Act to an owner by the Central Government or a State Government or any other authority, the State Industrial Development Corporation shall, on and from such date be deemed to be substituted in such licejce or other instrument in place of the owner referred to therein as if such licence or other, instrument had been granted to it and shall hold suh licence or the said undertaking specified in such other in'strumbnt for the remainder of the period for which the owner would have hd such licence or the undertaking under such other instrument. '(4) Every mortgagee of any'property which has vested under this Act in [the Government and every person holding any charge, lien or other interest in or, in relation to any such property shall give, within such time .' and in such manner as may be prescribed, an intimation to the Commissioner, of such mortgage, charge, lien or other interest., / (5) For the removal of doubts, it is hereby declared that the mortagee of any property referred to in sub-section (2) or any other; persn holding any charge, lien or other interest in, or in relation to, any such property shall be entitled to claim, in accordance with his rights and inteest, pa'ment of the mortgage money or other dues, in whole or in part, out' of the amount specified in relation to such property, in. the First Schedule, but no such 'mortgage, charge, lien or other interest shall be enf?orceable against any property which has vested in the Government. / (6) 'if, any suit,' appeal or other proceeding of whatever nature in relation to any matter. specified in sub-section (2) of section 5 in. respect of the said undertaking, instituted or preferred by or against the textile csmpany is pending as on' the date of commencement of this Act, the, s,kme shall not abate, be discontinued or be, in any way, prejudicially 4tected by reason of transfer of the undertaking or of anything contained in this Act but the suit, appeal or other proceedings may be continued, ,rosecuted and enforced by the State Industrial Development Corporation. '5. Owner to be liable for certain prior liabilities.—(l) Every liability, other than the liability specified in sub-section (2), of the owner in respect of any period prior to the date of commencement of this Act shall be the liability of such owner and shall be enforceable against him and not against the Government or the Kerala State Industrial Development Corporation. . . '.6 (2) Any liability arising in respect of— loans advanced by the Central Government or the State Government to the undertaking (together with interest due thereon); wages, salaries and other dues of employees of the said undertaking, in respect of any period after the undertaking has been taken over by the Government, shall be the liability of the Government and shall . r be discharged, for and on behalf of the Government, by the State Industrial Development Corporation as and when repayment of such loans or amounts become due or as and when such wages, salaries or other dues become due and payable. . . .' (3) For the removal of doubts, it is hereby declared that,— save as otherwise expressly provided in this section or in any other secton of this Act, no liability, other than the liability specified in sub-section (2), in relation to the undertaking or the property sold in, respect of any period prior to the date of commencement of this Act, shall• be enforceable against the Government or the Kerala State Industrial Development Corporation; no award, decree or order of any court, tribunal or other authority in relation to the undertaking or the' properties sold, which are passed after the date of commencement of. this Act in respect of any matter, claim or dispute, in relation to any matter not referred to in sub-section (2) which arose before that day, shall be enforceable against the Government or the State Industrial Development Corporation; no liability of the undertaking or any owner thereof for the contravention, before the company has been closed, of any provision of,a law' for the time being in force, shall be enforceable against the Government or the State Industrial Development Corporation.