Jute Companies (Nationalisation) Act, 1980
No: 62 Dated: Dec, 21 1980
THE JUTE COMPANIES (NATIONALISATION) ACT, 1980
ACT NO. 62 OF 1980
An Act to provide for the acquisition and transfer of the undertakings of the jute companies, specified in the First Schedule with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.
WHEREAS the said jute companies had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), namely, textiles made wholly or in part of jute;
AND WHEREAS the management of the undertakings of each of the said jute companies was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951 (65 of 1951);
AND WHEREAS it is necessary to acquire the undertakings of the said jute companies to ensure that the interests of the general public are served by the continuance, by the undertakings of the said jute companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country;
BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title.—This Act may be called the Jute Companies (Nationalisation) Act, 1980.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the date of commencement of this Act;
(b) “Commissioner” means the Commissioner of Payments appointed under section 14;
(c) “jute companies” means the companies (being companies as defined in the Companies Act, 1956 [1 of 1956]) specified in the First Schedule;
(d) “Jute Manufactures Corporation” means the National Jute Manufactures Corporation Limited, a company incorporated and registered under the Companies Act, 1956 (1 of 1956);
(e) “notification” means a notification published in the Official Gazette;
(f) “prescribed” means prescribed by rules made under this Act;
(g) “specified date”, in relation to any provision of this Act, means such date as the Central Government may, by notification, specify for the purposes of that provision and different dates may be specified for different provisions of this Act;
(h) words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956), shall have the meanings respectively assigned to them in that Act.
CHAPTER II
ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF THE JUTE COMPANIES
3. Transfer to, and vesting in, the Central Government of the undertakings of the jute companies.—On the appointed day, the undertakings of every jute company, and the right, title and interest of every jute company in relation to its undertakings shall, by virtue of this Act, stand transferred to, and vest in, the Central Government.