The Sick Textile Undertakings (Nationalisation) Act, 1974
Central · 1974
- S. 1Short title and commencement.
- S. 2Definitions.
- S. 3Acquisition of rights of owners in respect of sick textile undertakings.
- S. 4General effect of vesting.
- S. 5Owner to be liable for certain prior liabilities.
- S. 6National Textile Corporation to form subsidiary corporations.
- S. 7Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government.
- S. 8Payment of amount to owners of sick textile undertakings.
- S. 9Payment of further amount.
- S. 10Accounts to be rendered by the owners of sick textile undertakings.
- S. 11Management, etc., of sick textile undertakings.
- S. 11ASpecial provision for disposal of assets of the sick textile undertakings in certain circumstances.
- S. 12Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.
- S. 13Accounts.
- S. 14Employment of certain employees to continue.
- S. 15Provident and other funds.
- S. 16Transfer of employees to a Subsidiary Textile Corporation.
- S. 17Appointment of Commissioners of Payments.
- S. 18Payment by the Central Government to the Commissioner.
- S. 19Certain powers of the National Textile Corporation.
- S. 20Claims to be made to the Commissioner.
- S. 21Priority of claims.
- S. 22Examination of claims.
- S. 23Admission or rejection of claims.
- S. 24Disbursement of money by the Commissioner to claimants.
- S. 25Disbursement of amounts to the owners of sick textile undertakings.
- S. 26Undisbursed or unclaimed amounts to be deposited to the general revenue account.
- S. 27Assumption of liability.
- S. 28Management to continue to vest in the Custodian until alternative arrangements are made.
- S. 29Act to override all other enactments.
- S. 30Contracts to cease to have effect unless ratified by National Textile Corporation.
- S. 31Transfer of assets, etc., to be void in certain cases.
- S. 32Penalties.
- S. 33Offences by companies.
- S. 34Protection of action taken in good faith.
- S. 35Textile companies not to be wound up by the court.
- S. 36Delegation of powers.
- S. 37Power to make rules.
- S. 38Power to remove difficulties.
- S. 39Declaration as to the policy of the State.
- S. 40Repeal and savings.
- S. 41Validation.