Section 30
Contracts to cease to have effect unless ratified by the National Textile Corporation.
The Textile Undertakings (Nationalisation) Act, 1995
About this Act
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.
(1)
Every contract entered into by the owner or occupier of any textile undertaking for any service, sale or
supply and in force immediately before the appointed day shall, on and from the expiry of one hundred
and twenty days from the date on which the Textile Undertakings (Nationalisation) Ordinance, 1995
(Ord. 6 of 1995) was promulgated, cease to have effect unless such contract is before the expiry of that
period, ratified, in writing, by the National Textile Corporation and in ratifying such contract the National
Textile Corporation may make such alterations or modifications therein as it may think fit:
Provided that the National Textile Corporation shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the textile undertaking.
(2) The National Textile Corporation shall not omit to ratify a contract or make any alteration or modification therein except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.
Provided that the National Textile Corporation shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the textile undertaking.
(2) The National Textile Corporation shall not omit to ratify a contract or make any alteration or modification therein except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.