Section 6
Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation.
The Jute Companies (Nationalisation) Act, 1980
About this Act
An Act to provide for the acquisition and transfer of the undertakings of the jute companies, specified in the First Schedule with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
(1) Notwithstanding anything contained in sections 3 and 4, the
Central Government shall, as soon as may be, after the appointed day, direct, by notification, that the
undertakings of every jute company and the right, title and interest of every jute company in relation to
its undertakings, which have vested in that Government under section 3, and such of the liabilities of
every jute company as are specified in sub-section (2) of section 5, shall, instead of continuing to vest in
the Central Government, vest in the Jute Manufactures Corporation either on the date of the notification
or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the
notification.
(2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the jute companies in relation to their respective undertakings vest, under sub-section (1), in the Jute Manufactures Corporation, that Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Jute Manufactures Corporation.
(2) Where the right, title and interest, and the liabilities referred to in sub-section (2) of section 5, of the jute companies in relation to their respective undertakings vest, under sub-section (1), in the Jute Manufactures Corporation, that Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Jute Manufactures Corporation.