Bare Act
The Gujarat Closed Textile Undertakings (Nationalisation) Act, 1986
Corporate198617 sections
This legislation transfers ownership and control of closed textile businesses in Gujarat from private owners to the State Government. Following an appointed date in 1985, the state gained absolute rights to the factories, machinery, and physical plants of these companies. The Act specifically removes previous legal entanglements, such as mortgages, liens, or court injunctions, that restricted the property. By nationalizing these undertakings, the government steps in to take possession of the assets, ensuring that these closed facilities can be managed and operated for public benefit instead of remaining neglected or abandoned.
- 1. Short title and commencement
- 2. Definitions
- 3. Transfer to, and vesting in, the State Government of closed textile undertakings
- 4. General effect of vesting
- 5. Owner to be liable for certain prior liabilities
- 6. Vesting of closed textile undertakings in the State Government
- 7. Power of State Government to direct vesting of the closed textile undertakings in a State Corporation
- 8. Payment of amount to owners of closed textile undertakings
- 9. Payment of further amount
- 10. Management, etc., of the closed textile undertakings
- 11. Duty of persons in charge of management of closed textile undertakings to deliver all assets, etc
- 12. Accounts and audit
- 13. Power of State Government to make rules
- 14. Power to remove difficulties
- 15. Provided that no such order shall be made after the expiry of a period of two years from the appointed day.
- 16. Repeal and saving
- I. List of Closed Textile Undertakings
PDF: pending for this language.