(1) This Act may be called the Anglo-French Textiles Limited (Acquisition and Transfer of Textile Undertaking) Act, 1986.
(2) It shall be deemed to have come into force on the 24th day of December, 1985.
Definitions
2. In this Act, unless the context otherwise requires, --
(a) "appointed day" means the 24th day of December, 1985;
(b) "Bank" means ---
(i) the State Bank of India constituted under the State Bank of India Act, 1955;
(ii) a subsidiary bank as defined in the State Bank of India (Subsidiary Banks) Act, 1959;
(iii) a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 and a corresponding new bank constituted under section 3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980.
(iv) any other Bank, being a Scheduled Bank as defined in clause (e) of section 2 of the Reserve Bank of India Act, 1934;
(c) "Commissioner" means a Commissioner of payments appointed under section 12;
(d) "Company" means the Anglo-French Textiles Limited, being a company as defined in the Companies Act, 1956 and having its registered office at Puducherry;
(e) "Corporation" means the Puducherry Textile Corporation Limited, formed and registered under the Companies Act, 1956;
(f) "Government" means the Government of Puducherry;
(g) "notification" means a notification published in the Official Gazette;
(h) "Owner" when used in relation to Anglo-French Textiles Limited, means any person or firm who or which is immediately before the appointed day, the immediate proprietor or lessee or occupier of the said textile undertaking or any part thereof, and also includes any agent or manager of such owner;
(i) "prescribed" means prescribed by rules made under this Act;
(j) "specified date" means such date as the Government may for the purpose of any provision of this Act, by notification, specify; and different dates may be specified for different provisions of this Act;
(k) "textile undertaking" means the undertaking of the company;
(l) words and expressions used herein and not defined but defined in the Companies Act, 1956, shall have the meanings respectively assigned to them in that Act.
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CHAPTER – II Acquisition and Transfer of Anglo-French Textiles Limited Acquisition of rights of company of Anglo-French Textiles Limited