Act Info:
Preamble1 - SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974
Chapter I Section1 - Short title and commencement
Section2 - Definitions
Chapter II Section3 - Acquisition of rights of owners in respect of sick textile undertakings
Section4 - General effect of vesting
Section5 - Owner to be liable for certain prior liabilities
Section6 - National Textile Corporation to form subsidiary corporations
Section7 - Shares to be issued by the National Textile Corporation for the value of the assets transferred to it by the Central Government
Chapter III Section8 - Payment of amount to owners of sick textile undertakings
Section9 - Payment of further amount
Section10 - Accounts to be rendered by the owners of sick textile undertakings
Chapter IV Section11 - Management, etc., of sick textile undertakings
Section11A - Special provisions for disposal of assets of the sick textile undertakings in certain circumstances
Section12 - Duty of persons in charge of management of sick textile undertakings to deliver all assets, etc.
Section13 - Accounts
Chapter V Section14 - Employment of certain employees to continue
Section15 - Provident and other funds
Section16 - Transfer of employees to a Subsidiary Textile Corporation
Chapter VI Section17 - Appointment of Commissioners of Payments
Section18 - Payment by the Central Government to the Commissioner
Section19 - Certain powers of the National Textile Corporation
Section20 - Claims to be made to the Commissioner
Section21 - Priority of claims
Section22 - Examination of claims
Section23 - Admission or rejection of claims
Section24 - Disbursement of money by the Commissioner to claimants
Section25 - Disbursement of amounts to the owners of sick textile undertakings
Section26 - Undisbursed or unclaimed amounts to be deposited to the general revenue account
Chapter VII Section27 - Assumption of liability
Section28 - Management to continue to vest in the Custodian until alternative arrangements are made
Section29 - Act to override all other enactments
Section30 - Contracts to cease to have effect unless ratified by National Textile Corporation
Section31 - Transferor assets, etc., to be void in certain cases
Section32 - Penalties
Section33 - Offences by companies
Section34 - Protection of action taken in good faith
Section35 - Textile companies not to be wound up by the Court
Section36 - Delegation of powers
Section37 - Power to make rules
Section38 - Power to remove difficulties
Section39 - Declaration as to the policy of the State
Section40 - Repeal and savings
ScheduleI - FIRST SCHEDULE
ScheduleII - SECOND SCHEDULE