Bare Act Search Results

Life Insurance Corporation Act, 1956 Complete Act

State: Central

Year: 1956

.....done before the appointed day. SECTION 09: GENERAL EFFECT OF VESTING OF CONTROLLED BUSINESS (1) Unless otherwise expressly provided by or under this Act, all contracts, agreements and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which an insurer whose controlled business has been transferred to and vested in the Corporation is a party or which are in favour of such insurer shall in so far as they relate to the controlled business of the insurer be of as full force and effect against or in favour of the Corporation, as the case may be, and may be enforced or acted upon as fully and effectually as if instead of the insurer, the Corporation had been a party thereto or as if they had been entered into or issued in favour of the Corporation. (2) If on the appointed day any suit, appeal or other legal proceeding of whatever nature is pending by or against an insurer, then, in so far as it relates to his controlled business it shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer to the Corporation of the business of the insurer or of anything done under this Act, but the suit,.....

Sick Textile Undertakings( Nationalisation) Act, 1974 Section 25

Title: Disbursement of Amounts to the Owners of Sick Textile Undertakings

State: Central

Year: 1974

.....and in the event of there being a doubt or dispute as to the right of the person to receive the whole or any part of the amount referred to in sections 8 and 9, the Commissioner shall refer the matter to the Court and make the disbursement in accordance with the decision of the Court. (3) For the removal of doubts, it is hereby declared that the entries in column (3) of the First Schedule shall not be deemed to be conclusive as to the right, title and interest of any person in relation to any sick textile undertaking specified in the corresponding entries in column (2) of the said Schedule and evidence shall be admissible to establish the right, title and interest of any person in relation to such sick textile undertaking. (4) Where my machinery, equipment or other property in a sick textile undertaking has vested in the National Textile Corporation, but such machinery, equipment or other property does not belong to the owner of such sick textile undertaking, the amount specified in column (4) of the First Schedule against such sick textile undertaking shall on a reference made to it by the Commissioner, be apportioned by the Court between the owner of such sick textile.....

Sick Industrial Companies (Special Provisions) Act, 1985 Section 20

Title: Winding Up of Sick Industrial Company

State: Central

Year: 1985

1[(1) Where the Board, after making inquiry under section 16 and after consideration of all the relevant facts and circumstances and after giving an opportunity of being heard to all concerned parties, is of opinion that the sick industrial company is not likely to make its net worth exceed the accumulated losses within a reasonable time while meeting all its financial obligations and that the company as a result thereof is not likely to become viable in future and that it is just and equitable that the company should be wound up, it may record and forward its opinion to the concerned High Court.] (2) The High Court shall, on the basis of the opinion of the Board, order winding up of the sick industrial company and may proceed and cause to proceed with the winding up of the sick industrial company in accordance with the provisions of the Companies Act, 1956 (1 of 1956). (3) For the purpose of winding up of the sick industrial company, the High Court may appoint any officer of the operating agency, if the operating agency gives its consent, as the liquidator of the sick industrial company and the officer so appointed shall for the purposes of the winding up of the sick.....

Sick Textile Undertakings( Nationalisation) Act, 1974 Chapter IV

Title: Management, Etc. of Sick Textile Undertakings

State: Central

Year: 1974

.....and business of a sick textile undertaking, the right, title and interest of an owner in relation to which have vested in that Corporation under sub-section (2) of section 3, and do all such things as the owner of the sick textile undertaking is authorised to exercise and do. Section 11A - Special provisions for disposal of assets of the sick textile undertakings in certain circumstances 1 [11A. Special provisions for disposal of assets of the sick textile undertakings in certain circumstances If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile undertakings : Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for other than the purpose for which the sanction of the Central Government has been obtained.] ________________________ 1. Inserted by Sick Textile Undertakings (Nationalisation) Amendment Act (40 of 1995), section.....

Sick Textile Undertakings( Nationalisation) Act, 1974 Preamble 1

Title: Sick Textile Undertakings (Nationalisation) Act, 1974

State: Central

Year: 1974

THE SICK TEXTILE UNDERTAKINGS (NATIONALISATION) ACT, 1974 [Act, No. 57 of 1974] [21st December, 1974] PREAMBLE An Act to provide for the acquisition and transfer of the sick textile undertakings, and the right, title and interest of the owners in respect of the sick textile undertakings, specified in the First Schedule with a view to re-organising and rehabilitating such sick textile undertakings so as to subserve the interests of the general public by the augmentation of the production and distribution, at fair prices, of different verieties of cloth and yarn, and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Twenty-fifth Year of the Republic of India as follows:

Sick Textile Undertakings( Nationalisation) Act, 1974 Chapter V

Title: Provisions Relating to Employes of Sick Textile Undertakings

State: Central

Year: 1974

.....vest in, the National Textile Corporation, (2) The monies which stand transferred, under sub-section (1), to the National Textile Corporation shall be dealt with by that Corporation in such manner as may be prescribed. Section 16 - Transfer of employees to a Subsidiary Textile Corporation Where any sick textile undertaking or any part thereof is transferred under this Act to a Subsidiary Textile Corporation, every person referred to in sub-section (1) and sub-section (2) of section 14 shall, on and from the date of such transfer, become an employee of the Subsidiary Textile Corporation and the provisions of sections 14 and 15 shall apply to such employee as they apply to an employee of the National Textile Corporation as if reference in the said sections to the National Textile Corporation were references to the Subsidiary Textile Corporation.

Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Chapter II

Title: Acquisition and Transfer of the Sick Tea Units of the Tea Companies

State: Central

Year: 1985

.....account, registers and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities specified in sub-section (1) section 24. (2) All properties as aforesaid which have vested in the Tea Trading Corporation under sub-section (2) of 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, injunction, 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) Every mortgage of any property which has vested under this Act in the Tea Trading Corporation and every person holding any charge, lien or other interest in, or relation to, any such property shall give, within such time and in such manner as may be prescribed, an intimation to the Commissioner of such mortgage, charge, lien or other interest. (4) For the removal of doubts, it is hereby declared that the mortgagee of any property referred to in sub-section (3) or any other person.....

Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Chapter IV

Title: Management Etc.of the Sick Tea Units of the Tea Companies

State: Central

Year: 1985

.....and business of a sick tea unit, the right, title and interest of the tea company in relation to which have vested in the Corporation under sub-section (2) of section 3 and do all such things as the tea company of the sick tea unit is authorised to exercise and do. Section 9 - Duty of persons in charge of management of the sick tea units to delivery all assets, etc (1) On the vesting of the management of the sick tea units of the tea companies in the Tea Trading Corporation, the persons in charge of the management of such sick tea units immediately before such vesting shall be bound to deliver to the Tea Trading Corporation all assets, books of account, registers and all other documents in their custody relating to such sick tea units. (2) The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Tea Trading Corporation and the said Corporation may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the sick tea units of the tea companies shall be conducted or in relation to any other matter arising in the course of.....

Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 Amending Act I

Title: The Tea Companies (Acquisition and Transfer of Sick Tea Units) Amendment Act, 1991

State: Central

Year: 1985

THE TEA COMPANIES (ACQUISITION AND TRANSFER OF SICK TEA UNITS) AMENDMENT ACT, 1991 [Act, No. 56 of 1991] [21st December, 1991] An Act to amend the Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985. BE it enacted boy Parliament in the Forty-second Year of the Republic of India as follows:- 1. Short title This Act may be called the Tea Companies (Acquisition and Transfer of Sick Tea Units) Amendment Act, 1991. 2. Amendment of section 16 of Act 37 of 1985 Section 16 of the Tea Companies (Acquisition and Transfer of Sick Tea Units) Act, 1985 shall be renumbered as sub-section (1) thereof and after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:- "(2) Notwithstanding anything contained in sub-section (1), all the claims preferred before the Commissioner after the period or the further period specified in that sub-section but on or before the 27th day of July, 1989, shall be deemed to have been validly preferred.".

Sick Textile Undertakings( Nationalisation) Act, 1974 Chapter II

Title: Acquisition of the Rights of Owneres of Sick Textile Undertakings

State: Central

Year: 1974

.....and all other documents of whatever nature relating thereto and shall also be deemed to include the liabilities and obligations specified in sub-section (2) of section 5. (2) All property as aforesaid which have vested in the Central Government under sub-section (1) of section 3 shall, by force of such vesting, be freed and discharged from any trust, obligation, mortgage, charge, lien and all other encumbrances affecting it and any attachment, injunction or decree or order of any court restricting the use of such property in any manner shall be deemed to have been withdrawn. (3) Where any licence or other instrument in relation to a sick textile undertaking had been granted at any time before the date on which the Ordinance was promulgated, to an owner by the Central Government or a State Government or any other authority, the National Textile Corporation shall, on and from such date be deemed to be substituted in such licence or other instrument in place of the owner referred to therein as if such licence or other instrument had been granted to it and shall hold such licence or the sick textile undertaking specified in such other instrument for the remainder of the.....