Tea Companies (Acquisition and Transfer of Sick Tea Units) Act,1985

Act No : 37

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Section : contracts to cease to have effect unless ratified by the Tea TradingCorporation.

26. contracts to cease to have effect unless ratified by the Tea Trading Corporation. Every contract entered into by any tea company in relation to any sick tea unit owned by it which has vested in the Tea Trading Corporation under sub-section (2) of section 3, for any service, sale or supply and in force immediately before the appointed day, shall, on and from the expiry of a period of one hundred and eighty days from the appointed day, cease to have effect unless such contract is, before the expiry of that period, ratified in writing by the Tea Trading Corporation, and in ratifying such contract, the Tea Trading Corporation may make such alterations or modifications therein as it may think fit: Provided that the Tea Trading Corporation shall not omit to ratify a contract and shall not make any alteration or modification in a contract-- (a) unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the Tea Trading Corporation; and (b) except after giving the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.

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