Sick Textile Undertakings (Nationalisation) Act : ACQUISITION OF RIGHTS OF OWNERS IN RESPECT OF SICK TEXTILE

Sick Textile Undertakings (Nationalisation) Act,1974

Act No : 57

Section : ACQUISITION OF RIGHTS OF OWNERS IN RESPECT OF SICK TEXTILE UNDERTAKINGS

SECTION 03: ACQUISITION OF RIGHTS OF OWNERS IN RESPECT OF SICK TEXTILE UNDERTAKINGS

(1) On the appointed day, every sick textile undertaking and the right, title and interest of the owner in relation to every such sick textile undertaking shall stand transferred to, and shall vest absolutely in, the Central Government.

(2) Every sick textile undertaking which stands vested in the Central Government by virtue of subsection (1) shall immediately after it has so vested, stand transferred to, and vested in, the National Textile Corporation.