Act 57 of 1974

The Sick Textile Undertakings (Nationalisation) Act, 1974

An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto.

Ministry of Textiles
Enacted 1974-12-21
42 sections

Section	Title
1	Short title and commencement.	Read
2	Definitions.	Read
3	Acquisition of rights of owners in respect of sick textile undertakings.	Read
4	General effect of vesting.	Read
5	Owner to be liable for certain prior liabilities.	Read
6	National Textile Corporation to form subsidiary corporations.	Read
7	Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government.	Read
8	Payment of amount to owners of sick textile undertakings.	Read
9	Payment of further amount.	Read
10	Accounts to be rendered by the owners of sick textile undertakings.	Read
11	Management, etc., of sick textile undertakings.	Read
11A	Special provision for disposal of assets of the sick textile undertakings in certain circumstances.	Read
12	Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.	Read
13	Accounts.	Read
14	Employment of certain employees to continue.	Read
15	Provident and other funds.	Read
16	Transfer of employees to a Subsidiary Textile Corporation.	Read
17	Appointment of Commissioners of Payments.	Read
18	Payment by the Central Government to the Commissioner.	Read
19	Certain powers of the National Textile Corporation.	Read
20	Claims to be made to the Commissioner.	Read
21	Priority of claims.	Read
22	Examination of claims.	Read
23	Admission or rejection of claims.	Read
24	Disbursement of money by the Commissioner to claimants.	Read
25	Disbursement of amounts to the owners of sick textile undertakings.	Read
26	Undisbursed or unclaimed amounts to be deposited to the general revenue account.	Read
27	Assumption of liability.	Read
28	Management to continue to vest in the Custodian until alternative arrangements are made.	Read
29	Act to override all other enactments.	Read
30	Contracts to cease to have effect unless ratified by National Textile Corporation.	Read
31	Transfer of assets, etc., to be void in certain cases.	Read
32	Penalties.	Read
33	Offences by companies.	Read
34	Protection of action taken in good faith.	Read
35	Textile companies not to be wound up by the court.	Read
36	Delegation of powers.	Read
37	Power to make rules.	Read
38	Power to remove difficulties.	Read
39	Declaration as to the policy of the State.	Read
40	Repeal and savings.	Read
41	Validation.	Read