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Section 13 – The Railway Companies (Emergency Provisions) Act,1951

The Railway Companies (Emergency Provisions) Act,1951

Section 13. Application of the companies Act

(1) Notwithstanding anything contained in the Companies Act or in the memorandum or articles of association of the railway company, but subject to the other provisions contained in this Act,—

(a) It shall not be lawful for the shareholders of the railway company or any other person to nominate or appoint any person to be a director of the railway company;

(b) No resolution passed at any meeting of the shareholders of the railway company shall be given effect to unless approved by the Central Government:

(c) No proceeding for the winding-up of the railway company or for the appointment of a receiver in respect thereof shall lie in any court, unless by or with the sanction of the Central Government.

(2) Subject to the provisions contained in sub-section (1) and to the other provisions contained in this Act and subject to such exceptions, restrictions and limitations as the Central Government may by notified order specify, the Companies Act shall continue to apply to the railway company in the same manner as it applied thereto before the issue of the notified order under section 3.

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The Railway Companies (Emergency Provisions) Act,1951

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