Vidhi Codex

The Karnataka Co-operative Textile Mills (Acquisition and Transfer) Act, 1986

The Karnataka Co-operative Textile Mills (Acquisition and Transfer) Act, 1986

Corporate198636 sections5 chapters

This Act transfers ownership of the Karnataka Co-operative Textile Mills and its associated properties from a co-operative society and a partnership firm to the State Government. It vests all assets, including land and machinery, in the government, effectively nationalizing the mills. The legislation is designed to give effect to the state's social policy and ensure control over the textile industry, removing previous ownership claims and encumbrances to facilitate government management.

Start reading →Read full ActSections

Chapter II ACQUISITION AND TRANSFER OF THE KARNATAKA CO →

  1. 3Declaration under Article 31C of the Constitution
  2. 4Transfer and vesting of the Mills in the Government
  3. 5General effect of vesting
  4. 6Lessor or lessee to be liable for certain prior liabilities
  5. 7Right of Government to recover backwages etc.
  6. 8Power of the Government to direct vesting of the mills in the company

Chapter III PAYMENT OF ACCOUNTS →

  1. 9Amount to be given to lessor, lessee and other interested persons
  2. 10Payment of further amounts

Chapter IV MANAGEMENT OF THE MILLS →

  1. 11Management etc., of the mills
  2. 12Duties of persons in-charge of management of the mills
  3. 13Duty of persons to account for assets etc., in their possession
  4. 14Accounts and audit

Chapter V COMMISSIONER OF PAYMENTS →

  1. 15Appointment of Commissioner of payment
  2. 16Payment by the Government to the Commissioner
  3. 17Certain powers of the Government and the Company
  4. 18Claims to be made to the Commissioner
  5. 19Priority of claims
  6. 20Examination of claims
  7. 21Admission or rejection of claims
  8. 22Disbursement of the amount by the Commissioner to the claimants
  9. 22ADisbursement of amount of the lessor etc.
  10. 23Undisbursed or unclaimed amount to be deposited to the General Revenue Account

Chapter VI PROVISIONS RELATING TO THE EMPLOYEES OF THE MILLS →

  1. 24Transfer of service of officers or other employees of the mills
  2. 25Transfer of provident fund, welfare fund, etc.
  3. 26Act to have overriding effect
  4. 27Contract to cease to have effect unless ratified by Company
  5. 28Protection of action taken in good faith
  6. 29Penalties.
  7. 30Offences by Companies.
  8. 31Power to make rules.
  9. 32Power to remove difficulties.
  10. 33Repeal and savings.

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