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Home Bare Acts Phrase: section 511Jute Companies (Nationalisation) Act, 1980. Section 13
Title : Section 13
State : Central
Year : 1980
(1) Where a jute companies has established a provident fund, superannuation, welfare or other fund for the benefit of the persons employed in any of its undertakings, the moneys relatable to its employees whose services have become transferred by or under this Act to the Central Government or the Jute Manufactures Corporation shall, out of the monies standing, on the appointed day, to the credit of such provident fund, superannuation, funds welfare funds or other fund, stand transferred to , and shall vest in, the Central Government or the Jute Manufactures Corporation, as the case may be. (2) The monies which stand transferred under sub-section (1) to the Central Government or the Jute Manufactures Corporation, as the case may be, shall be dealt with by that Government or Corporation in such manner as may be prescribed.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 510
Title : Provisions Applicable to Every Voluntary Winding Up
State : Central
Year : 1956
The provisions contained in sections 511 to 521, both inclusive, shall apply to every voluntary winding up, whether a members' or a creditors' winding up.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 2
Title : Definitions
State : Central
Year : 1980
In this, Act, unless the context otherwise requires,-- (a) "appointed day" means the date of commencement of this Act; (b) "Commissioner" means the Commissioner of Payments appointed under section 14; (c) "jute companies" means the companies (being companies as defined in the Companies Act, 1956(1 of 1956)) specified in the First Schedule; (d) "Jute Manufactures Corporation" means the National Jute Manufactures Corporation Limited, a company incorporated and registered under the Companies Act, 1956(1 of 1956); (e) "notification" means a notification published in the Official Gazette; (f) "prescribed" means prescribed by rules made under this Act; (g) "specified date", in relation to any provision of this Act, means such date as the Central Government may, by notification, specify for the purposes of that provision, different dates may be specified for different provisions of this Act; (h) words and expressions used herein and not defined but defined in the Companies Act, 1956(1 of 1956), shall have the meanings respectively assigned to them in that Act.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 7
Title : Payment of Amount
State : Central
Year : 1980
Every jute company shall be given by the Central Government, for the transfer to, and vesting, in that Central Government, under section 3, of the undertakings of that company and the right, title and interest of that company in relation to its undertakings, in cash and in the manner specified in Chapter VI, such amount as is specified against the name of that company in the First Schedule.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 11
Title : Duty of Persons to Account for Assets, Etc., in their Possession
State : Central
Year : 1980
.....or the Jute Manufactures Corporation under this Act, shall be liable to account for the said assets, books, documents and other papers to the Central Government or the existing, or the Jute Manufactures Corporation and shall deliver them to the Central Government or the existing, or the Jute Manufactures Corporation or to such person or persons as the Central Government or the Jute Manufactures Corporation. (2) The Central Government or the Jute Manufactures Corporation may take, or cause to be taken, all necessary steps for securing possession of the undertakings of the jute companies which have vested in the Central Government or the Jute Manufactures Corporation under this Act. (3) Every jute companies shall, within such period as the Central Government may allow in this behalf, furnish to that Government a complete inventory of all their property and assets, as on the appointed day, pertaining to the undertakings which have vested in the Central Government under section 3, and, for this purpose, the Central Government or the Jute Manufactures Corporation shall afford to such company all reasonable facilities.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 17
Title : Claims to Be Made to the Commissioner
State : Central
Year : 1980
Every person having a claim against a jute companies with regard to any of the matters specified in the Second Schedule pertaining to any undertakings owned by it, shall prefer such claim before the Commissioner within thirty days from the specified date : 1.2.1982 : vide notification No.S.o.43 (E), dated 22.1.1982, Government of India, Exty.PT II, Section 3.(ii), p.72. Provided that if the Commissioner is satisfied that the claimant was prevented by sufficient cause from preferring the claim within the said period of thirty days, be may entertain the claim within a further period of thirty days but not thereafter.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 18
Title : Priority of Claims
State : Central
Year : 1980
The claims made under section 17 shall have priorities in accordance with the following principles, namely :-- (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III, and so on; (b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount paid to the Commissioner under the Act is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 19
Title : Examination of Claims
State : Central
Year : 1980
(1) On receipt of the claims made under section 17, the Commissioner shall arrange the claims in the order of priorities specified in the Second Schedule and examine the same in accordance with such order. (2) If, on examination of the claims against a jute company, the Commissioner is of opinion that the amount paid to him under this Act for payment to such company is not sufficient to meet the liabilities specified in any lower category, he shall not be required to examine the claims in respect of such lower category.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 25
Title : Assumption of Liability
State : Central
Year : 1980
(1) Where any liability of a jute company arising out of any item in any category specified in Part I of the Second Schedule is not discharged fully by the Commissioner out of the amounts paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged and that liability shall be assumed by the Central Government. (2) The Central Government may, by order, direct the Jute Manufactures Corporation to take over the liability assumed by the Central Government under sub-section (1), and on receipt of such direction, it shall be the duty of the Jute Manufactures Corporation to discharge such liability.
View Complete Act List Judgments citing this sectionJute Companies (Nationalisation) Act, 1980. Section 27
Title : Contracts to Cease to Have Effect Unless Ratified by the Central Government or Jute Manufactures Corporation
State : Central
Year : 1980
.....before the appointed day, shall, on and from the expiry of a period of one hundred and eighty days from the appointed days, cease to have effect unless such contract is, before the expiry of that period, ratified, in writing, by the Central Government or the Jute Manufactures Corporation and in ratifying such contract, the Central Government or the Jute Manufactures Corporation may make such alteration or modification therein as it may think fit: Provided that the Central Government or the Jute Manufactures Corporation shall not omit to ratify a contract and shall not make any alteration or modification in a contract-- (a) unless it is satisfied that such contract is unduly onerous, or has been entered into in bad faith, or is detrimental to the interest of the Central Government or the Jute Manufactures Corporation; and (b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.
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