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The Textile Undertakings (Nationalisation) Act,1995

The Textile Undertakings (Nationalisation) Act,1995

CONTENTS

Sections

Particulars

Preamble
1Short title and commencement
2Definitions
3Acquisition of rights of owners and vesting of the textile undertakings
4General effect of vesting
5Owner to be liable for contain prior liabilities
6Transfer of any textile undertaking or part thereof to a subsidiary textile Corporation
7Shares to be issued by the National Textile Corporation for the value of the assets transfered to it by the General Government
8Payment of amount to owners of textile under takings
9Payment of further amount
10Management, etc. of Textile undertakings
11Special provision for disposal of assets of the textile undertakings in certain circumstances
12Duty of persons in charge of management of textile undertakings to deliver all assets etc
13Accounts
14Employment of certain employees to continue
15Provident and other funds
16Transfer of employees to a subsidiary textile corporation
17Appointment of Commissioners of Payments
18Payment by the Central Government to the Commissioner
19Certain powers of the National Textile Corporation
20Claims to be made to the Commissioner
21Priority of claims
22Examination of claims
23Admission or rejection of claims
24Disbursement of money by the Commissioner to claimes
25Disbursement of amounts to the owners
26Undisbursed or unclaimed amounts to be deposited to the general reserve account
27Assumption of liability
28Management to continue to vest in the Custodian until alternative arrangements are made
29Act to override all other enactments
30Contracts to cease to have effect unless ratified by the National Textile Corporation
31Penalties
32Offences by companies
33Protection of action taken in good faith
34Textile companies not to be wound up by the Court
35Delegation of powers
36Power to make rules
37Power to remove difficulties
38Repeal and saving
ScheduleSchedule 1
Schedule 2

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