Amendment status not verified — confirm the current text below against the official source.
Repeal and saving. ____ 2 ACT 20 OF 1977 THE ENGINEERING TECHNICIANS' CO-OPERATIVE SOCIETIES (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1977* An Act to provide for the acquisition of the undertakings of the Kerala State Engineering Technicians (Workshop) Industrial Co-operative Society Limited S. Ind (ST) No.1 and the societies promoted by it and for matters connected therewith or incidental thereto. Preamble.—WHEREAS the Kerala State Engineering Technicians (Workshop) Industrial Co-operative Society Ltd., S. Ind. (ST) No.1, a society deemed to be registered under the Kerala Co-operative Societies Act, 1969, with the whole of the State of Kerala as the area of its operation, and having as its object the taking up and running of Industrial Projects with a view to providing employment opportunities to Engineers, Technicians, etc., based on the concept of share-participation-cum-employment (hereinafter referred to as the ENCOS) took up the implementation of a number of industrial projects; AND WHEREAS the ENCOS had promoted the registration of the Kerala Auto Industrial Co-operative Limited IND (EP) No.1 Trivandrum, the Co-operative Societies Limited IND (SP) No.2, Alleppey and the Co-operative Foundries Limited S. IND (P) No.46, Ottappalam (hereinafter referred to as the promoted societies) for implementing the industrial projects undertaken by the ENCOS; AND WHEREAS the Government of Kerala and the Planning Commission which have been financing the said projects have come to the conclusion that on account of organizational, financial and managerial problems it has become impossible for the ENCOS and the promoted societies to implement the industrial projects undertaken by the ENCOS; AND WHEREAS the functioning of the ENCOS and the promoted societies have come to a standstill on account of the financial crisis facing them and a substantial portion of the assets of the societies consisting of machinery and implements is lying idle; AND WHEREAS the continued existence of the ENCOS and the promoted societies is causing huge losses to those societies, which are receiving financial assistance from the Government; AND WHEREAS it is expedient in the public interest to dissolve the ENCOS and the promoted societies and to acquire their undertakings with a view to making use of the assets and other facilities of such undertakings for productive purposes; BE it enacted in the Twenty-eight year of the Republic of India as follows:—