The Textile Undertakings (Nationalisation) Act, 1995

Central · 1995

S. 1Short title and commencement.
S. 2Definitions.
S. 3Acquisition of rights of owners and vesting of the textile undertakings.
S. 4General effect of vesting.
S. 5Owner to be liable for certain prior liabilities.
S. 6Transfer of any textile undertaking or part thereof to a subsidiary textile corporation.
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 textile undertakings.
S. 9Payment of further amount.
S. 10Management, etc., of textile undertakings.
S. 11Special provision for disposal of assets of the textile undertakings in certain circumstances.
S. 12Duty of persons in charge of management of 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.
S. 26Undisbursed or unclaimed amounts to be deposited to the general reserve 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 the National Textile Corporation.
S. 31Penalties.
S. 32Offences by companies.
S. 33Protection of action taken in good faith.
S. 34Textile companies not to be wound up by the court.
S. 35Delegation of powers.
S. 36Power to make rules.
S. 37Power to remove difficulties.
S. 38Repeal and saving.
S. 39Validation.