Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act : TRANSFER AND VESTING

Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act,1986

Act No : 30

Section : TRANSFER AND VESTING OF THE TEXTILE UNDERTAKINGS

SECTION 03: TRANSFER AND VESTING OF THE TEXTILE UNDERTAKINGS

(1) On the appointed day, every textile undertaking and the right, title and interest of the Company in relation to every such textile undertaking shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.

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