Textile Undertakings (Nationalisation) Act, 1995
Bare Act · 1995
An Act to provide for the acquisition and transfer of the textile undertakings, and the right, title and interest of the owners in respect of the textile undertakings, specified in the First Schedule with a view to augmenting the production and distribution of different varieties of cloth and yarn so as to subserve the interests of the general public and for matters connected therewith or incidental thereto.
- Act number
- 39 of 1995
- Enacted
- 8 September 1995
- Contents
- 39 sections · 8 chapters
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Contents
Chapter I — Preliminary
Chapter II — 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 (preview)
- Section 7 – Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government (preview)
Chapter III — Payment Of Amounts
- Section 8 – Payment of amount to owners of textile undertakings (preview)
- Section 9 – Payment of further amount (preview)
Chapter IV
- Section 10 – Management, etc., of textile undertakings (preview)
- Section 11 – Special provision for disposal of assets of the textile undertakings in certain circumstances (preview)
- Section 12 – Duty of persons in charge of management of textile undertakings to deliver all assets, etc (preview)
- Section 13 – Accounts (preview)
Chapter V — Provisions Relating To Employees Of Textile Undertakings
- Section 14 – Employment of certain employees to continue (preview)
- Section 15 – Provident and other funds (preview)
- Section 16 – Transfer of employees to a subsidiary textile corporation (preview)
Chapter VI — Commissioners Of Payments
- Section 17 – Appointment of Commissioners of Payments (preview)
- Section 18 – Payment by the Central Government to the Commissioner (preview)
- Section 19 – Certain powers of the National Textile Corporation (preview)
- Section 20 – Claims to be made to the Commissioner (preview)
- Section 21 – Priority of claims (preview)
- Section 22 – Examination of claims (preview)
- Section 23 – Admission or rejection of claims (preview)
- Section 24 – Disbursement of money by the Commissioner to claimants (preview)
- Section 25 – Disbursement of amounts to the owners (preview)
- Section 26 – Undisbursed or unclaimed amounts to be deposited to the general reserve account (preview)
Chapter VII — Miscellaneous
- Section 27 – Assumption of liability (preview)
- Section 28 – Management to continue to vest in the custodian until alternative arrangements are made (preview)
- Section 29 – Act to override all other enactments (preview)
- Section 30 – Contracts to cease to have effect unless ratified by the National Textile Corporation (preview)
- Section 31 – Penalties (preview)
- Section 32 – Offences by companies (preview)
- Section 33 – Protection of action taken in good faith (preview)
- Section 34 – Textile companies not to be wound up by the court (preview)
- Section 35 – Delegation of powers (preview)
- Section 36 – Power to make rules (preview)
- Section 37 – Power to remove difficulties (preview)
- Section 38 – Repeal and saving (preview)
Sections
- Section 39 – Validation (preview)