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The Textile Undertakings (Nationalisation) Act, 1995

[Act No. 39 of 1995]

[8th September, 1995.]

Contents
Titele The Textile Undertakings (Nationalisation) Act, 1995
Sections Particulars
Chapter I Preliminary
1. Short title and commencement
2. Definitions
Chapter II Acquisition and Transfer of The Textile Undertakings
3. Acquisition of rights of owners and vesting of the textile undertakings
4. General effect of vesting
5. Owner to be liable for certain prior liabilities
6. Transfer of any textile undertaking or part thereof to a subsidiary textile corporation
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 Amounts
8. Payment of amount to owners of textile undertakings
9. Payment of further amount
Chapter IV Management, Etc., of Textile Undertakings
10. Management, etc., of textile undertakings
11. Special provision for disposal of assets of the textile undertakings in certain circumstances
12. Duty of persons in charge of management of textile undertakings to deliver all assets, etc
13. Accounts
Chapter V Provisions Relating to Employees of 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
26. Undisbursed or unclaimed amounts to be deposited to the general reserve 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 the National Textile Corporation
31. Penalties
32. Offences by companies
33. Protection of action taken in good faith
34. Textile companies not to be wound up by the court
35. Delegation of powers
36. Power to make rules
37. Power to remove difficulties
38. Repeal and saving
39. Validation
The Schedules
Schedules I [See Sections 2(L) and (M), 8 and 18(1)]
Schedules II Order of Priorities for Discharge of Liabilities in Respect of A Textile Undertaking


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