Bare Act
The Nagaland Forest Product Limited (Acquisition of Shares) Act, 1982
Environmental198224 sections2 chapters
This Act empowers the State Government of Nagaland to acquire shares of the Nagaland Forest Products Limited, a company producing essential goods like plywood and furniture. It applies to all shareholders, transferring their shares to the government on a specific date. The government takes over these shares to ensure the company is managed properly and to develop production of goods vital to the state's needs. This action is taken in the public interest to secure the material resources of the community and distribute them for the common good, effectively giving the state control over the company's operations.
Chapter II ACQUISITION OF SHARES OF THE COMPANY →
- 3Transfer and Vesting of shares of the Company in the State Government
- 4Interim Management
- 5Payment of Amount
- 6Appointment of Commissioner of Payments
- 7Payment by the State Government to the Commissioner
- 8Claims to be made to the Commissioner
- 9Examination of Claims
- 10Provisions relating to claims
- 11Disbursement of money by the Commissioner to claimants
- 12Undisbursed or unclaimed amount to be deposited to general revenue account
- 13Power of inspection
- 14Power of Commissioner to enquire into disputes as to amount
- 15Deposit of amount in court
Chapter III MISCELLANEOUS →
- 16Act, have over riding effect
- 17Penalties
- 18Offences by Companies
- 19Contracts to continue unless terminated by State Government
- 20Duty to deliver possession of property of Company and documents relating to Company
- 21Powers of Inspection
- 23Protection of action taken in good faith
- 24Limitation of cognizance of offences
PDF: pending for this language.