Act 39 of 1995

The Textile Undertakings (Nationalisation) 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.

  • Ministry of Textiles
  • Enacted 1995-09-08
  • 39 sections
SectionTitle
1 Short title and commencement. Read
2 Definitions. Read
3 Acquisition of rights of owners and vesting of the textile undertakings. Read
4 General effect of vesting. Read
5 Owner to be liable for certain prior liabilities. Read
6 Transfer of any textile undertaking or part thereof to a subsidiary textile corporation. 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 textile undertakings. Read
9 Payment of further amount. Read
10 Management, etc., of textile undertakings. Read
11 Special provision for disposal of assets of the textile undertakings in certain circumstances. Read
12 Duty of persons in charge of management of 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. Read
26 Undisbursed or unclaimed amounts to be deposited to the general reserve 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 the National Textile Corporation. Read
31 Penalties. Read
32 Offences by companies. Read
33 Protection of action taken in good faith. Read
34 Textile companies not to be wound up by the court. Read
35 Delegation of powers. Read
36 Power to make rules. Read
37 Power to remove difficulties. Read
38 Repeal and saving. Read
39 Validation. Read
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