Jute Companies (Nationalisation) Act : MANAGEMENT TO CONTINUE TO VEST IN CERTAIN PERSONS UNTIL ALTERNATIVE

Jute Companies (Nationalisation) Act,1980

Act No : 62

Section : MANAGEMENT TO CONTINUE TO VEST IN CERTAIN PERSONS UNTIL ALTERNATIVE ARRANGEMENTS HAVE BEEN MADE

SECTION 26: MANAGEMENT TO CONTINUE TO VEST IN CERTAIN PERSONS UNTIL ALTERNATIVE ARRANGEMENTS HAVE BEEN MADE

Notwithstanding the vesting under this Act of the undertakings of any jute Company in the Central Government or the Jute Manufactures Corporation-

(a) any person who has been managing the affairs of such undertakings before the date on which the undertakings had so vested shall, until alternative arrangements have been made by the Central Government or, as the case may be, the Jute Manufactures Corporation, for the management of such undertakings, continue to manage the affairs of the undertakings, as if such person had been authorised by the Central Government, or, as the case may be, the Jute Manufactures Corporation,
to manage such undertakings;

(b) such person shall, until alternative arrangements have been made by the Central Government, or, as the case may be, the Jute Manufactures Corporation, continue to be authorised to operate, in relation to the undertakings of such jute Company, any account of such undertakings in any bank as if he had been authorised by the Central Government or the Jute Manufactures Corporation to operate such account.