Swadeshi Cotton Mills Company Limited (Acquisition and Transfer of Undertakings) Act : TRANSFER OF ANY

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

Act No : 30

Section : TRANSFER OF ANY TEXTILE UNDERTAKING OR PART THEREOF TO A SUBSIDIARY TEXTILE CORPORATION

SECTION 06: TRANSFER OF ANY TEXTILE UNDERTAKING OR PART THEREOF TO A SUBSIDIARY TEXTILE CORPORATION

(1) The National Textile Corporation may, by order in writing, transfer any of the textile undertakings or part thereof to a Subsidiary Textile Corporation and any such transfer shall be subject to such terms and conditions as may be specified in the said order.

(2) The Subsidiary Textile Corporation shall, on and from the date of such transfer, be deemed to be substituted in the licence or other instrument referred to in sub-section (3) of Section 4-in place of the National Textile Corporation as if such licence or other instrument had been granted to the Subsidiary Textile Corporation, and shall hold such licence or other instrument for the remainder of the period for which the National Textile Corporation would have held such licence or other instrument.

(3) Save as otherwise expressly provided in this Act, references in this Act to the National Textile Corporation shall, in respect of any textile undertaking or part thereof which is transferred to a Subsidiary Textile Corporation, be construed as references to the Subsidiary Textile Corporation.