Contracts to cease to have effect unless ratified by Corporation

24.

1. (1) Every contract entered into by the owner or occupier of the specified textile undertaking for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of one hundred, and eighty days from the date on which this Act is first published in the Official Gazette cease to have effect unless such contract is before the expiry of that period, ratified in writing by the Corporation and in ratifying such contract the Corporation may, with the previous approval of the State Government make such alterations or modifications therein as it may think fit: Provided that the Corporation shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, 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 specified textile undertaking.
2. (2) The Corporation shall not omit to ratify a contract and, shall not make any alteration or modification therein, except after giving to 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.