The S.K.V.A. Co-operative Pharmacy and Stores (Acquisition and Transfer of Undertaking) Act, 1976
The S.K.V.A. Co-operative Pharmacy and Stores (Acquisition and Transfer of Undertaking) Act, 1976
This law regulates the public acquisition and transfer of all assets and liabilities of the SKVA Cooperative Pharmacy and Stores to the Kerala government. It applies to the cooperative entity, its shareholders, and its employees, who are automatically transitioned into the government service with their salaries and pensions fully protected. Shareholders receive prompt cash payouts for their shares and unpaid dividends. This acquisition matters because it allows the state to absorb vital medical infrastructure, transferring control to a government company. It protects public health interests, maintains labor stability, and imposes strict criminal penalties on anyone who wrongfully retains acquired properties.
- 0. Preamble
- 1. Short title and commencement.
- 2. Definitions.
- 3. Undertaking of Society to vest in Government.
- 4. General effect of vesting.
- 5. Power of Government to direct vesting of undertaking in Company.
- 6. Duty to deliver possession of property acquired and documents relating thereto.(1) Where any property has vested in the Government or the Company under this Act, every person in whose possession or custody or under whose control the property may be, shall deliver the property to the Government or the Company, as the case may be, forthwith.
- 7. Duty to furnish particulars.
- 8. Transfer of service of existing employees.
- 9. Provident, superannuation, welfare and other funds.
- 10. Payment of amount.
- 11. Payment of undisbursed dividend.
- 12. Penalties.
- 13. Offences by companies.
- 14. Protection of action taken in good faith.
- 15. Power to make rules.
PDF: pending for this language.