Metal Corporation (Nationalisation and Miscellaneous Provisions) Act : APPLICATION OF ACT 1 OF 1956 Indian

Metal Corporation (Nationalisation and Miscellaneous Provisions) Act,1976

Act No : 100

Section : APPLICATION OF ACT 1 OF 1956

SECTION 06: APPLICATION OF ACT 1 OF 1956

(1) Notwithstanding anything contained in the Companies Act, 1956, or in the memorandum or articles of association of the Metal Corporation, so long as the management of the undertaking of the Metal Corporation remains vested in the Central Government,-

(a) it shall not be lawful for the shareholders of the Metal Corporation or any other person to nominate or appoint any person to be a director of the Metal Corporation;

(b) no resolution passed at any meeting of the shareholders of the Metal Corporation on or after the commencement of this Act shall be given effect to unless approved by the Central Government;

(c) no proceeding for the winding up of the Metal Corporation or for the appointment of liquidator or receiver in respect of the undertaking thereof shall lie in any court except with the consent of the central Government.

(2) Subject to the provisions contained in sub-section (1), and to the other provisions contained in this Act and subject to such other exceptions, restrictions and limitations, if any, as the Central Government may, by notification specify in this behalf, the Companies Act, 1956, shall continue to apply to the Metal Corporation in the manner as it applied thereto before the date of commencement of this Act.