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The Sick Textile Undertakings (Nationalisation) Act, 1974

[Act No. 57 of 1974]

[21st December, 1974.]

Sections Chaptericulars
Title The Sick Textile Undertakings (Nationalisation) Act, 1974
Chapter I Preliminary
1. Short title and commencement
2. Definitions
Chapter II Acquisition of The Rights of Owners of Sick Textile Undertakings
3. Acquisition of rights of owners in respect of sick textile undertakings
4. General effect of vesting
5. Owner to be liable for certain prior liabilities
6. National Textile Corporation to form subsidiary corporations
7. Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
Chapter III Payment of Amount
8. Payment of amount to owners of sick textile undertakings
9. Payment of further amount
10. Accounts to be rendered by the owners of sick textile undertakings
Chapter IV Management, Etc., of Sick Textile Undertakings
11. Management, etc., of sick textile undertakings
11A. Special provision for disposal of assets of the sick textile undertakings in certain circumstances
12. Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc
13. Accounts
Chapter V Provisions Relating to Employees of Sick Textile Undertakings
14. Employment of certain employees to continue
15. Provident and other funds
16. Transfer of employees to a Subsidiary Textile Corporation
Chapter VI Commissioners of Payments
17. Appointment of Commissioners of Payments
18. Payment by the Central Government to the Commissioner
19. Certain powers of the National Textile Corporation
20. Claims to be made to the Commissioner
21. Priority of claims
22. Examination of claims
23. Admission or rejection of claims
24. Disbursement of money by the Commissioner to claimants
25. Disbursement of amounts to the owners of sick textile undertakings
26. Undisbursed or unclaimed amounts to be deposited to the general revenue account
Chapter VII Miscellaneous
27. Assumption of liability
28. Management to continue to vest in the Custodian until alternative arrangements are made
29. Act to override all other enactments
30. Contracts to cease to have effect unless ratified by National Textile Corporation
31. Transfer of assets, etc., to be void in certain cases
32. Penalties
33. Offences by companies
34. Protection of action taken in good faith
35. Textile companies not to be wound up by the court
36. Delegation of powers
37. Power to make rules
38. Power to remove difficulties
39. Declaration as to the policy of the State
40. Repeal and savings
41. Validation
The Schedules
Schedule I Table
Schedule II Order of priorities for the discharge of liabilities in respect of a sick textile undertaking
Part A Post-take-over management period
Part B Pre-take-over management period

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