Title : Penalties
State : Central
Year : 1951
If any person will fully destroys or fails to deliver to the directors when required any books of account, registers or any other documents in his custody relating to the business of the railway company or retains any property of the railway company, he shall be punishable with imprisonment which may extend to six months, or with fine which may extend to one thousand rupees, or with both. View Complete Act List Judgments citing this sectionTitle : Railway Companies (Emergency Provisions) Act, 1951
State : Central
Year : 1951
Preamble1 - RAILWAY COMPANIES EMERGENCY PROVISIONS ACT, 1951 Section1 - Short title, extent and application Section2 - Definitions Section3 - Power of Central Government to apply Act to any railway company and to appoint directors there of Section4 - Effect of notify order appointing directors or managing agents Section5 - Powers and duties of directors Section6 - Statement of affairs to be made to directors Section7 - Statements by beneficial owners of shares railway company Section8 - Power of directors to institute proceedings against past directors etc., for damages Section9 - Penalties Section10 - Filling up of vacancies among directors Section11 - No right to compensation for termination of contract of managing agent or any other contract Section12 - Cancellation of..... List Judgments citing this sectionTitle : Statement of Affairs to Be Made to Directors
State : Central
Year : 1951
(1) On the issue of a notify order under section 3, there shall made out and submitted to the directors a statement as to the affairs of the railway company, verified by affidavit and containing the following particulars, namely:-- (a) the assets of the railway company, stating separately the cash balance in hand and at the bank, if any; (b) the debts and liabilities; (c) the names, residences and occupations of the creditors, stating separately the amount of secured debts and unsecured debts and, in the case of secured debts, the particulars of the securities, their value and the dates when they were given; (d) the debts due to the railway company and the names residences and occupations of the persons from whom they are due and the amount likely to be realised there from; ..... View Complete Act List Judgments citing this sectionTitle : Statements by Beneficial Owners of Shares Railway Company
State : Central
Year : 1951
Any person who has any interest in any share of the railway company which stands in the name of another person in the register of share holders of the railway company shall, with in such period as may be specified by the Central Government by notify order, make a declaration in such form as may be prescribed (which shall be countersigned by the person in whose name the share is registered) to the railway company declaring his interest in the share, and notwithstanding anything contained in any other law or in any contract to the contrary, a person who fails to make a declaration as aforesaid in respect of any share shall be deemed to have no right or title whatsoever in or to that share; Provided that nothing in this section shall affect the right of any person who has an interest in..... View Complete Act List Judgments citing this sectionTitle : Power of Directors to Institute Proceedings Against Past Directors Etc., for Damages
State : Central
Year : 1951
(1) The directors may, if they are satisfied that it is necessary in the interests of the railway company or in the public interest so to do, institute in the name of the railway company such proceedings as they think fit for the recovery of damages for any fraud misfeasance or other misconduct in connection with the management of the affairs of the railway company committed by any person before the issue of the notify order under section 3 or for the recovery of any property of the railway company which has been misapplied or wrongfully retained by any person. (2) No director shall be personally liable for any costs or expenses incurred in connection with any proceedings instituted by virtue of this section. View Complete Act List Judgments citing this sectionTitle : Short Title, Extent and Application
State : Central
Year : 1951
(1) This Act may be called the Railway Companies (Emergency Provisions) Act, 1951. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It applies to every railway company in respect of which a notify order has been issued under section 3. View Complete Act List Judgments citing this sectionTitle : Powers and Duties of Directors
State : Central
Year : 1951
(1) Subject to the control of the Central Government, the directors shall take such steps as may be necessary for the purpose of efficiently managing the business of the railway company and, in particular, the directors shall have powers, notwithstanding any thing contained in the Companies Actor in the memorandum or articles of association of the railway company.-- (a) to chose one of their number to be chairman and to delegate to him or to any one or more of the directors all or any of their powers; (b) with the previous approval of the Central Government and subject to such conditions as that Government may think fit to impose, to raise funds in such manner and offer such security there for as they think fit; (c) to carry out such repairs as may be necessary in respect of any..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Acquire Railway of Railway Company
State : Central
Year : 1951
(1) Where under any instrument, having effect by virtue of any law other than this Act or by virtue of an agreement arrived at between the parties, provision is made for the purchase by a person or local authority or the State Government of a railway which is the property of a railway company on payment of the value thereof calculated in the manner and subject to the conditions specified in the instrument, the Central Government shall also have the same right to purchase the railway on the same terms and subject to the same conditions as the person, local authority or the state Government has under the instrument. (2) If in respect of any railway the Central Government exercise its right of purchase under this section, any person, local authority or State Government in whom or in..... View Complete Act List Judgments citing this sectionTitle : Repeal of Ordinance Ii of 1951
State : Central
Year : 1951
(1) The Railway Companies (Emergency Provisions) Ordinance, 1951 (II of 1951) is hereby repealed: Provided that the repeal shall not affect-- (a) the previous operation of the said Ordinance, or (b) any penalty, forfeiture or punishment incurred in respect of any offence committed against the said Ordinance, or (c) any investigation, legal proceeding or remedy in respect of any such penalty, forfeiture or punishment, and any such investigation legal proceeding or remedy may be instituted, continued or enforced, and any such penalty, forfeiture, or punishment may be imposed as if this Act had not been passed: Provided further that, subject to the preceding proviso, anything done or any action taken (including any notified order issued, appointment made or direction given under..... View Complete Act List Judgments citing this sectionTitle : Power of Central Government to Apply Act to Any Railway Company and to Appoint Directors there of
State : Central
Year : 1951
(1) Where the Central Government is of opinion that a situation has arisen in the affairs of a railway company which (a) has prejudicially affected the convenience of persons using the railway administered by the railway company, or (b) has caused serious dislocation in any trade or industry using the railway, or (c) has caused serious unemployment amongst a section of the community. or when, in the opinion of the Central Government, it is necessary the national interest the Central Government may, by notify order, apply the provision this Act to the railway company and appoint as many persons as thinks fit to be directors of the railway company for the purpose of taking over its management and administration. (2) The power to appoint directors under this section includes this..... View Complete Act List Judgments citing this section