Vidhi Codex

Bare Act

The Common Wealth Trust, Kozhikkode (Acquisition and Transfer of Undertaking) Act, 2012

Corporate201228 sections2 chapters

This law authorizes the Government of Kerala to acquire and transfer ownership of a handloom weaving factory in Kozhikode that belongs to the Commonwealth Trust (India) Limited. It covers the factory and any unused land associated with it. The purpose is to reorganize and rehabilitate the old industrial unit and to establish a new industrial museum and production center under the Kerala State Industrial Development Corporation. This measure aims to save the historic industry and create a public facility for manufacturing and education.

Start reading →Read full ActSections

Chapter I ~ © M →

  1. 1Short title and commencement
  2. 2Definitions
  3. 3Acquisition of rights of owner in respect of the undertaking
  4. 4General effect of vesting
  5. 5Owner to be liable for certain prior liabilities
  6. 6State Industrial Development Corporation to form subsidiary corporations
  7. 7Shares to be issued by the State Industrial Development Corporation for the value of the assets transferred to it by Government
  8. 8Payment of amount to owner of the undertaking
  9. 9Payment of further amount
  10. 10Payment of compensation to owners of properties sold and vested in Government
  11. 11Management, etc., of the undertaking and the land vested in Government
  12. 12Duty of persons in charge of management of the undertaking to deliver all assets, etc.
  13. 13Accounts

Chapter V / . →

  1. 14Employment of certain employees to continue
  2. 16Transfer of employees to Subsidiary Corporation.
  3. 17Appointment -of Commissioner of Payments.
  4. 18Payment by the Government to the Commissioner—(1) The
  5. 21Examination of claims
  6. 22Admission or rejection of the claims
  7. 24Disbursement of amounts to the owner of the undertaking
  8. 28Contracts to cease to have effect unless ratified by the State Industrial Development Corporation
  9. 29Penalties
  10. 32Delegation of powers
  11. 33Power to remove difficulties
  12. 34Declaration as to the policy of the State
  13. 35Power to make rules

PDF: pending for this language.