The Kerala Engineering Technicians' Co-operative Societies (Acquisition and Transfer of Undertakings) Act, 1977
The Kerala Engineering Technicians' Co-operative Societies (Acquisition and Transfer of Undertakings) Act, 1977
The Engineering Technicians' Co-operative Societies (Acquisition and Transfer of Undertakings) Act, 1977 provides for the acquisition and transfer of undertakings belonging to engineering technicians' co-operative societies in Kerala to the state government. It applies to these co-operative societies, their shareholders, member-employees, lenders, and officials. Under this law, the government officially took ownership of all assets, properties, rights, and liabilities of the societies, resulting in their dissolution. The Act terminated existing employment contracts while compensating shareholders for their share values after clearing outstanding bank loans. This legislation mattered because it enabled state intervention to take over and restructure struggling industrial co-operatives.
- 0. Preamble
- 1. Short title and commencement.
- 2. Definitions.
- 3. Undertakings of Engineering Technicians' Co-operative Societies to vest in the government.
- 4. General effect of vesting.
- 5. Duty to deliver possession of property acquired, and documents relating thereto.
- 6. Duty to furnish particulars.
- 7. Termination of service of existing employees.
- 8. Payment of amount.
- 9. Penalties.
- 10. Offences by companies.
- 11. Protection of action taken in good faith.
- 12. Power to make rules.
- 13. Repeal and saving.
PDF: pending for this language.