Section 12
Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.
The Sick Textile Undertakings (Nationalisation) Act, 1974
About this Act
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.
On the vesting of the management of a sick textile undertaking in the National Textile Corporation
all persons in charge of the management of such sick textile undertaking immediately before such vesting
shall be bound to deliver to the National Textile Corporation all assets, books of account, registers or
other documents in their custody relating to the sick textile undertaking.