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Section 11A: Special provision for disposal of assets of the sick textile undertakings in certain circumstances.

The Sick Textile Undertakings (Nationalisation) Act, 1974Central Act · Act 57 of 1974

[11A. Special provision for disposal of assets of the sick textile undertakings in certain circumstances.-- If the National Textile Corporation considers it necessary or expedient for the better management, modernisation, restructuring or revival of a sick textile undertaking so to do, it may, with the previous sanction of the Central Government, transfer, mortgage, sell or otherwise dispose of any land, plant, machinery or any other assets of any of the sick textile undertakings:

Provided that the proceeds of no such transfer, mortgage, sale or disposal shall be utilised for any purpose other than the purpose for which the sanction of the Central Government has been obtained.]

Where this provision sits

ActThe Sick Textile Undertakings (Nationalisation) Act, 1974
Section11A
Marginal noteSpecial provision for disposal of assets of the sick textile undertakings in certain circumstances.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 40 of 1995. . Ins. by Act 40 of 1995, s. 2 (w.e.f. 8-9-1995).

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