THE TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1995

ACT NO. 39 OF 1995 · Enacted [8th September, 1995.] · 39 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION AND TRANSFER OF THE TEXTILE UNDERTAKINGS

Section 3.Acquisition of rights of owners and vesting of the textile undertakings.

Section 4.General effect of vesting.

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

Section 6.Transfer of any textile undertaking or part thereof to a subsidiary textile corporation.

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 AMOUNTS

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

Section 9.Payment of further amount.

MANAGEMENT, ETC., OF TEXTILE UNDERTAKINGS

Section 10.Management, etc., of textile undertakings.

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

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

Section 13.Accounts.

PROVISIONS RELATING TO EMPLOYEES OF 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.

Section 26.Undisbursed or unclaimed amounts to be deposited to the general reserve 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 the National Textile Corporation.

Section 31.Penalties.

Section 32.Offences by companies.

Section 33.Protection of action taken in good faith.

Section 34.Textile companies not to be wound up by the court.

Section 35.Delegation of powers.

Section 36.Power to make rules.

Section 37.Power to remove difficulties.

Section 38.Repeal and saving.

Section 39.Validation.