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Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Preamble 1

Title: Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985

State: Central

Year: 1985

THE FUTWAH-ISLAMUR LIGHT RALILWAY LINE (NATIONALISATION) ACT, 1985 [Act, No. 83 of 1985] [30th December, 1985] PREAMBLE An Act to provide for the acquisition, in the public interest, of the undertakings of the Futwah-islamput Light Railway Company Limited in relation to the Futwah-Islampur Light Railway Company Limited are in a dilapidated condition; WHEREAS the tracks and rolling stock of the Futwah-Islampur Light ; Railway Line owned by the Futwah-Islampur Light Railway Company Limited are in a dilapidated condition, AND WHEREAS the running of trains on the aforesaid line besides being hazardous and uneconomical, is also resulting in heavy loss to the Central Government; AND WHEREAS the aforesaid Company is not in a position to make the assets serviceable for public use; AND WHEREAS it is necessary in the public interest to acquire the undertakings of the said Company in relation to the said railway line; BE it enacted by Parliament in the Thirty-sixth Year of the Republic of India as follows:-

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Complete Act

Title: Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985

State: Central

Year: 1985

Preamble1 - FUTWAH-ISLAMUR LIGHT RALILWAY LINE (NATIONALISATION) ACT, 1985 Chapter I Section1 - Short title Section2 - Definitions Chapter II Section3 - Transfer to and vesting in the Central Government of the undertaking of the Company Section4 - General effect of vesting Section5 - Owner of the Company to be liable for certain prior liabilities Chapter III Section6 - Payment of amount Section7 - Interest Chapter IV Section8 - Duty of persons in charge of management of the undertakings of the Company to deliver all assets etc. Section9 - Duty of persons to account for assets, etc., in their possession Chapter V Section10 - Employment of certain employees to continue Section11 - Provident fund and other funds Chapter VI Section12 - Act to have overriding effect Section13 - Penalties Section14 - Offences by Companies Section15 - Protection action in good faith Section16 - Delegation of powers Section17 - Power to make rules Section18 - Power to remove difficulties

Futwah Islampur Light Railway Line (Nationalisation) Act, 1985 Complete Act

State: Central

Year: 1985

.....used herein and rot defined but defined in the Companies Act, 1956 (1 of 1956)-shall have the meanings respectively assigned to them in that Act. SECTION 03: TRANSFER TO, AND VESTING IN, THE CENTRAL GOVERNMENT OF THE UNDERTAKINGS OF THE COMPANY -On the appointed day, the undertakings of the Company and the right, title and interest of the Company in relation to such undertakings shall, by virtue of this Act, stand transferred to, and vest in, the Central Government. SECTION 04: GENERAL EFFECT OF VESTING (1) The undertakings of the Company shall be deemed to include all assets, rights, lease-holds, powers, authorities and privileges, and all property, movable and immovable, including lands, buildings, workshops, stores, instruments, machinery and equipment, cash balances, cash on hand, cheques, demand drafts, reserve funds, investments, book debts and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the Company, whether within or outside India, and all books of account, registers and all other documents of whatever nature relating thereto. (2) All properties.....

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Chapter I

Title: Preliminary

State: Central

Year: 1985

This Act may be called the Futwah-Islampur Light Railway Line (Nationalisation) Act, 1985. Section 2 - Definitions In this Act, unless the context otherwise requires,- (a) "appointed day" means the day on which this Act comes into force; (b) "Company" means the Futwah-Islampur Light Railway Company Limited being a company as defined in the Companies Act, 1956 (1 of 1956)and having its registered office at 12, Mission Row, Calcutta; (c) " notification' means a notification published in the Official Gazette; (d) "undertakings", in relation to the Company, means the Futwah-Islampur Light Railway Line and all other undertakings of that Company relating to that Railway Line; (e) wards and expressions used herein and no defined but defined in the Companies Act, 1956 shall have the meanings respectively assigned to them in that Act.

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Section 2

Title: Definitions

State: Central

Year: 1985

In this Act, unless the context otherwise requires,- (a) "appointed day" means the day on which this Act comes into force; (b) "Company" means the Futwah-Islampur Light Railway Company Limited being a company as defined in the Companies Act, 1956 (1 of 1956)and having its registered office at 12, Mission Row, Calcutta; (c) " notification' means a notification published in the Official Gazette; (d) "undertakings", in relation to the Company, means the Futwah-Islampur Light Railway Line and all other undertakings of that Company relating to that Railway Line; (e) wards and expressions used herein and no defined but defined in the Companies Act, 1956 shall have the meanings respectively assigned to them in that Act.

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Section 1

Title: Short Title

State: Central

Year: 1985

This Act may be called the Futwah-Islampur Light Railway Line (Nationalisation) Act, 1985.

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Chapter II

Title: Acquisition of the Undertakings of the Company

State: Central

Year: 1985

.....and all other documents of whatever nature relating thereto. (2) All properties as aforesaid which have vested in the Central Government under section 3 shall, by force of such vesting , be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting them, and any attachment, injection, decree or order of any court, tribunal or other authority restricting the use of such properties in any manner or appointing any receiver in respect of the whole or any part of such properties shall be deemed to have been withdrawn. (3) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (2), or any other person holding any charge, lien or other interest in, or in relation to, any such property shall be entitled to claim, in accordance with his rights and interests, payment of the mortgage money or other dues, in whole or in part, out of the amounts payable under section 6 and 7 to the Company, but no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (4) Any licence or other instrument granted to the.....

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Section 3

Title: Transfer to and Vesting in the Central Government of the Undertaking of the Company

State: Central

Year: 1985

On the appointed day, the undertakings of the Company and the right, title and interest of the Company in relation to such undertakings shall, by virtue of this Act, stand transferred to, and vest in, the Central Government.

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Section 4

Title: General Effect of Vesting

State: Central

Year: 1985

.....or in part, out of the amounts payable under section 6 and 7 to the Company, but no such mortgage, charge, lien or other interest shall be enforceable against any property which has vested in the Central Government. (4) Any licence or other instrument granted to the Company in relation to any undertaking which has vested in the Central Government under section 3 at any time before the appointed day and in force immediately before that day shall continue to in force on and after such day in accordance with its tenor in relation to and for the purposes of such undertaking., and, on and from the date of vesting of such undertaking under section 3 in the Central Government, that Government shall be deemed to be substituted in such licence or other instrument as it such licence or other instrument has been granted to that Government and that Government shall hold it for the remainder of the period for which the Company would have held it under the terms thereof.

Futwah-islamur Light Ralilway Line (Nationalisation) Act, 1985 Section 5

Title: Owner of the Company to Be Liable for Certain Prior Liabilities

State: Central

Year: 1985

(1) Every liability of the Company in respect of any period prior to the appointed day, shall be the liability of the Company and shall be enforceable against it and not against the Central Government. (2) For the removal of doubts, it is hereby declared that,- (a) no liability of the Company in relation to its undertakings in respect of nay period before the appointed day, shall be enforceable against the Central Government; (b) no award, decree or order of any court, tribunal or other authority in relation to the undertakings of the Company passed on or after the appointed day, in respect of any matter, claim or Diaspora, which arose before that day, shall be enforceable against the Central Government; (c) no liability incurred by the Company before the appointed day, for the contravention of any provision of any law for the time being in force, shall be enforceable against the Central Government.