Preamble

THE COMMONWEALTH TRUST, KOZHIKODE (ACQUISTION AND TRANSFER OF UNDERTAKING) ACT, 2012

Preamble. Sections:

(Act 1 of 2018) CONTENTS

1) Short title and commencement. 2) Definitions. 3) Acquisition of rights of owner in respect of the undertaking. 4) General effect of vesting. 5) Owner to be liable for certain prior liabilities. 6) State Industrial Development Corporation to form subsidiary corporations. 7) Shares to be issued by the State Industrial Development Corporation for the value of the assets transferred to it by Government. 8) Payment of amount to owner of the undertaking. 9) Payment of further amount. 10)Payment of compensation to owners of properties sold and vested in Government. 11) Management, etc., of the undertaking and the land vested in Government. 12)Duty of persons in charge of management of the undertaking to deliver all assts, etc. 13)Accounts. 14) Employment of certain employees to continue. 15)Provident and other funds. 16)Transfer of employees to Subsidiary Corporation. 17)Appointment of Commissioner of Payments. 18)Payment by the Government to the Commissioner. 19)Claims to be made to the Commissioner. 20)Priority of claims. 21)Examination of claims. 22)Admission or rejection of the claims. 23)Disbursement of money by the Commissioner to claimants. 24)Disbursement of amounts to the owner of the undertaking. 25)Undisbursed or unclaimed amounts to be deposited to the general revenue account. 26)Assumption of liability. 27)Act to over-ride all other enactments. 28)Contracts to cease to have effect unless ratified by the State Industrial Development Corporation. 29)Penalties. 30)Offences by companies. 31)Protection of action taken in good faith. 32)Delegation of powers. 33)Power to remove difficulties. 34)Declaration as to the policy of the State. 35)Power to make rules.

First Schedule. Second Schedule. Third Schedule.

ACT 1 OF 2018

THE COMMONWEALTH TRUST, KOZHIKODE (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT, 2012*

An Act to provide for the acquisition and transfer of the Handloom Weaving Factory, Mananchira, Kozhikode, a unit of the Commonwealth Trust (India) Limited and the right, title and of the owners in respect of the said undertaking with a view to reorganising and rehabilitating the undertaking and to establish an industrial museum and production centre under the Kerala State Industrial Development Corporation and for matters connected therewith or incidental thereto.

Preamble.—WHEREAS, it is expedient to provide for the acquisition and transfer of the Handloom Weaving Factory, Mananchira, Kozhikode, a unit of Commonwealth Trust (India) Limited and the right, title and interest of the owners in respect of the said undertaking with a view to reorganising and rehabilitating the undertaking and to establish an industrial museum and production centre under the Kerala State Industrial Development Corporation and for matters connected therewith or incidental thereto;

BE it enacted in the Sixty-third year of the Republic of India as follows:-