THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974

ACT NO. 57 OF 1974 · Enacted [21st December, 1974.] · 42 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION OF THE RIGHTS OF OWNERS OF SICK TEXTILE UNDERTAKINGS

Section 3.Acquisition of rights of owners in respect of sick textile undertakings.

Section 4.General effect of vesting.

Section 5.Owner to be liable for certain prior liabilities.

Section 6.National Textile Corporation to form subsidiary corporations.

Section 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 AMOUNT

Section 8.Payment of amount to owners of sick textile undertakings.

Section 9.Payment of further amount.

Section 10.Accounts to be rendered by the owners of sick textile undertakings.

MANAGEMENT, ETC., OF SICK TEXTILE UNDERTAKINGS

Section 11.Management, etc., of sick textile undertakings.

Section 11A.Special provision for disposal of assets of the sick textile undertakings in certain circumstances.

Section 12.Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.

Section 13.Accounts.

PROVISIONS RELATING TO EMPLOYEES OF SICK TEXTILE UNDERTAKINGS

Section 14.Employment of certain employees to continue.

Section 15.Provident and other funds.

Section 16.Transfer of employees to a Subsidiary Textile Corporation.

COMMISSIONERS OF PAYMENTS

Section 17.Appointment of Commissioners of Payments.

Section 18.Payment by the Central Government to the Commissioner.

Section 19.Certain powers of the National Textile Corporation.

Section 20.Claims to be made to the Commissioner.

Section 21.Priority of claims.

Section 22.Examination of claims.

Section 23.Admission or rejection of claims.

Section 24.Disbursement of money by the Commissioner to claimants.

Section 25.Disbursement of amounts to the owners of sick textile undertakings.

Section 26.Undisbursed or unclaimed amounts to be deposited to the general revenue account.

MISCELLANEOUS

Section 27.Assumption of liability.

Section 28.Management to continue to vest in the Custodian until alternative arrangements are made.

Section 29.Act to override all other enactments.

Section 30.Contracts to cease to have effect unless ratified by National Textile Corporation.

Section 31.Transfer of assets, etc., to be void in certain cases.

Section 32.Penalties.

Section 33.Offences by companies.

Section 34.Protection of action taken in good faith.

Section 35.Textile companies not to be wound up by the court.

Section 36.Delegation of powers.

Section 37.Power to make rules.

Section 38.Power to remove difficulties.

Section 39.Declaration as to the policy of the State.

Section 40.Repeal and savings.

Section 41.Validation.