Bare Act
The Gujarat Sick Textile Undertakings (Nationalisation) Act, 1986
Corporate198619 of 18 sections available
This law nationalizes specific textile businesses in Gujarat that have become unwell or non-functional. It vests full ownership and control of these operations and their assets into the State Government starting on April 2, 1986. By transferring these rights, the Act aims to save failing textile firms from collapse and manage their properties effectively. It also clarifies that previously held mortgage and security interests will be handled through compensation determined under other sections, ensuring that liabilities and claims are properly addressed while the state takes over the ownership.
- 1. Short title and commencement
- 2. Definitions
- 3. Acquisition of rights of owners in respect of sick textile undertakings
- 4. Sick textile undertakings to vest in the State Government
- 5. Power of State Government to direct vesting of sick textile undertakings in a State Government company
- 6. General effect of vesting
- 7. Owner to be liable for certain prior liabilities
- 8. Act to override all other enactments
- 9. Contracts involving discontinuance of textile undertaking to cease to have effect
- 10. Duty of persons in charge of management of sick textile undertakings to deliver all assets
- 11. Duty of persons to furnish particulars
- 12. Power of State Government to make certain declarations
- 13. Penalties
- 14. Offences by companies
- 15. Limitation of cognizance of offences
- 16. Protection of action taken in good faith
- 17. Power to make rules
- 18. Power to remove difficulties
- Schedule. Schedule
Some statutory text is still being prepared for this language version.
PDF: pending for this language.