Metal Corporation (Nationalisation and Miscellaneous Provisions) Act, 1976
No: 100 Dated: Sep, 07 1976
THE METAL CORPORATION (NATIONALISATION AND MISCELLANEOUS PROVISIONS) ACT, 1976
ACT NO. 100 OF 1976
An Act to provide for the taking over of the management of the undertaking of the Metal Corporation, after such undertaking is deemed to have been transferred to, and re-vested in, the said Corporation, and for the subsequent acquisition of the undertaking of the Metal Corporation for the purpose of enabling the Central Government, in the public interest, to exploit to the fullest extent possible, the zinc and lead deposits in and around Zawar area in the State of Rajasthan and to utilise those minerals in such manner as to subserve the common good, and for matters connected therewith or incidental thereto.
BE it enacted by Parliament in the Twenty-seventh Year of the Republic of India as follows:—
CHAPTER I
PRELIMINARY
1. Short title and commencement.—(1) This Act may be called the Metal Corporation (Nationalisation and Miscellaneous Provisions) Act, 1976.
(2) Sections 20 and 21 shall come into force at once and the other provisions of this Act shall be deemed to have come into force on the 22nd day of October, 1965.
2. Definitions.—In this Act, unless the context otherwise requires,—
(a) “appointed day” means the 2nd day of August, 1976;
(b) “commencement of this Act” means the 22nd day of October, 1965;
(c) “Metal Corporation” means the Metal Corporation of India Limited, a company within the meaning of the Companies Act, 1956 (1 of 1956), and having its registered office at Calcutta;
(d) “Mineral Concession Rules” means the Mineral Concession Rules, for the time being in force, made by the Central Government under the Mines and Minerals (Regulation and Development) Act, 1957 (67 of 1957);
(e) “notification” means a notification published in the Official Gazette;
(f) “prescribed” means prescribed by rules made under this Act;
(g) words and expressions used in this Act and not defined but defined in the Companies Act, 1956 (1 of 1956), have the meanings respectively assigned to them in that Act.
3. “Undertaking”—meaning of.—For the purposes of this Act, the undertaking of the Metal Corporation shall be deemed to include all assets, rights, leaseholds (including mining leases, if any), powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works, mines, workshops, projects, smelters, refineries, stores, instruments, machinery, locomotives, automobiles and other vehicles, mined or extracted zinc or lead ores, concentrates and metals, in process or in stock or in transit, cash balances, cash in hand, reserve fund, investments and book debts and all other rights and interests in, or arising out of, such property as were immediately before the date of commencement of this Act in the ownership, possession, power or control of the Metal Corporation, whether within or without India, and all books of account, registers, maps, sections, drawings, records of survey and all other documents of whatever nature relating thereto; and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind of the Metal Corporation in relation to its undertaking.