Jute Companies (Nationalisation) Act : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF

Jute Companies (Nationalisation) Act,1980

Act No : 62

Section : POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE JUTE COMPANIES IN JUTE MANUFACTURES CORPORATION

SECTION 06: POWER OF CENTRAL GOVERNMENT TO DIRECT VESTING OF THE UNDERTAKINGS OF THE JUTE COMPANIES IN JUTE MANUFACTURES CORPORATION

(1) Notwithstanding anything contained in sections 3and4, the Central Government shall, as soon as may be, after the appointed day, direct, by notification that the undertakings of every jute Company and the right, title and interest of every jute Company in relation to its undertakings which have vested in that Government under section 3, and such of the liabilities of every jute Company as are specified in sub-section
(2) of section 5, shall, instead of continuing to vest in the Central Government, vest in the Jute Manufactures Corporation either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as may be specified in the notification.

(2) Where the right, title and interest, and the liabilities referred to in sub-section

(2) of section 5, of the jute companies in relation, to their respective undertakings vest under sub-section (1), in the Jute Manufactures Corporation, that Corporation shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings, and all the rights and liabilities of the Central Government in relation to such undertakings shall, on and from the date of such vesting, be deemed to have become the rights and liabilities, respectively, of the Jute Manufactures Corporation.