Act Number: 57

Act Name: The Sick Textile Undertakings (Nationalisation) Act, 1974

Year: 1974

Enactment Date: 1974-12-21

Long Title: 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: Ministry of Textiles

Department:

Section 11A: Special provision for disposal of assets of the sick textile undertakings in certain circumstances.
    1[11A. Special provision for disposal of assets of the sick textile undertakings in certain circumstances.-- If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile undertakings:
     Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.]
Notes:
1. Ins. by Act 40 of 1995, s. 2 (w.e.f. 8-9-1995).
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