Coal Mines (Taking Over of Management) Act,1973
Act No : 15
Section : MANAGEMENT OF COAL MINES PENDING THE APPOINTMENT OF CUSTODIAN
SECTION 05: MANAGEMENT OF COAL MINES PENDING THE APPOINTMENT OF CUSTODIAN
(1) Pending the appointment of a Custodian undersection 6-lor any coal mine, the person in charge of the management of such mine immediately belore the appointed day shall, on and from the appointed day, be in charge of the management of such mine for and on behalf of the Central Government; and the management of such mine shall be carried on by such person subject to the provisions contained in sub-sections (2) and (4) and such directions, if any, as the Central Government may give to him and no other person, including the owner, shall, so long as such management continues, exercise any powers of management in relation to the coal mine or give any direction with regard to such management.
(2) No person in charge of the management of a coal mine shall, without the previous approval of the person specified by the Central Government in this behalf in respect of that mine (hereinafter referred to as the "authorised person"),--
(a) incur any expenditure from the assets pertaining to the coal mine otherwise than for the purpose of making routine payments of salaries or commissions to employees, agents or for the purpose of meeting the routine day-to-day expenditure;
(b) transfer or otherwise dispose of any such assets or create any charge, hypothecation, lien or other incumbrance thereon;
(c) invest in any manner any monies forming part of such assets;
(d) acquire any immovable property out of monies forming part of such assets:
(e) enter into any contract of service or agency, whether expressly or by implication, for purposes connected wholly or partly with the coal mine or vary the terms and conditions of any such contract subsisting on the appointed day;
(f) enter into any other transaction relating to the business of the coal mine or vary the terms of any agreement relating to such business subsisting at the commencement of this Act,
(3) The approval of the authorised person may be given either generally in relation to certain classes of transactions relating to the coal mine or specially in relation to any of its transactions.
(4) Every person in charge of the management of a coal mine shall deposit all securities and documents of title to any assets pertaining to such mine in any Scheduled Bank or Nationalised Bank in which the owner or agent had an account immediately before the apppointed day or in any branch of the State Bank in the place where the head office or the principal office of the coal mine is situated or where there is no branch of the State Bank in such place, the nearest branch of the State Bank: and no such security or document shall be withdrawn from the Scheduled Bank, the Nationalised Bank or the State Bank, as the case may be, except with the permission of the authorised person:
Provided that nothing contained in this sub-section shall apply to any security or document of title kept in trust with an Official Trustee in pursuance of the articles of association of any mining company unless the Central Government by notified order, otherwise directs.
(5) Every person in charge of the management of a coal mine shall deliver forthwith to the person specified in this behall by the Central Government in respect of that coal mine, the following documents, namely:
(a) the minutes book or any other hook in India containing all resolutions, up to the appointed day, of the persons in charge of the management of the coal mine before the appointed day;
(b) the cheque books relating to the coal mine which are at any office of the coal mine;
(c) all registers or other books containing particulars relating to the investment of any monies pertaining to the coal mine including investments on mortgaged properties and all loans granted or advances made.
(6) Without prejudice to the generality of the powers conferrerd by sub-section (1) and the provisions contained in sub-section (2), (4) and (5), any directions issued under sub-section (1) may require the persons in charge of the management of a coal mine under this Act to furnish to the Central Government or to the the authorised person such returns, statements and other information relating to the coal mine as may be mentioned in the direction.
(7) The persons in charge of the management of the coal mine under this Act shall beentitled to such remuneration, whether by way of allowance or salary or perquisites as the Central Government may fix: and any such person may, by giving one month's notice in writing to the Central Government of his intention so to do, relinquish charge of the management of the coal mine.
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