Preamble

THE NAGALAND FOREST PRODUCTS LIMITED

(ACQUISITION OF SHARES) ACT, 1982

(NAGALAND ACT NO. 5 OF 1982)

(Received the assent of the President of India on 25th April, 1982)

(Published in the Nagaland Gazette Extraordinary dated

19th May, 1982)

An

Act

to provide for the acquisition of certain shares of the Nagaland Forest Products Limited in the public interest with a view to securing the proper management of the affairs of the Company and development of the production of goods which are vital to the needs of the State of Nagaland and for matters connected therewith or incidental thereto.

WHEREAS Messrs Nagaland Forest Products Limited are engaged in the manufacture and production of Plywood, black boards, particle boards, chip boards, decorative boards, paper boards comprequeted wood, laminates flush doors, furniture which are vital to the needs of the general public; -

AND WHEREAS the State Government have also invested considerable funds in the share capital of the Company.

AND WHEREAS such acquisition is for giving effect to the policy of the State towards securing the

principle specified in clause (b) of article 39 of Constitution as the ownership and control of the material

resources of the community, would by reason of such acquisition became vested in the State and thereby so distributed as best sub-serve the common good;

AND WHEREAS it is expedient in the public interest that shares of the Nagaland Forest Products

Limited should be acquired other than those held by the State Government or its nominees;

AND WHEREAS further investment of large sums of money is necessary for the maintenance and development of the production of the undertakings of the Company and incidentally for securing the proper management of the affairs of the Company;

AND WHEREAS it is also necessary in the public interest to take over immediately management arid effective control of the affairs of the Company as incidental to such acquisition to achieve the objectives aforementioned;

AND WHEREAS instructions from the President of India have been obtained to introduce the Bill in the Nagaland Legislative Assembly.

It is hereby enacted in the thirty three year of the Republic of India as follows

Chapter 1

PRELIMINARY