The Jute Companies (Nationalisation) Act

Short title

Definitions

Transfer to, and vesting in, the Central Government of the undertakings of the jute companies

General Power of vesting

Jute companies to be liable for certain prior liabilities

Power of Central Government to direct vesting of the undertakings of the jute companies in Jute Manufactures Corporation

Payment of amount

Payment of further amount

Management, etc., of the undertakings of the jute companies

Duty of persons in charge of management of the undertakings to deliver all assets, etc

Duty of persons to account for assets, etc., in their possession

Continuance of employees

Provident fund and other funds

Appointment of Commissioner of Payments

Payment by Central Government to the Commissioner

Certain powers of Central Government or Jute Manufactures Corporation

Claims to be made to the Commissioner

Priority of Claims

Examination of claims

Admission or rejection of claims

Disbursement of money by the Commissioner

Disbursement of amounts to the jute companies

Undisbursed or unclaimed amounts to be deposited with the general revenue account

Act to have overriding effect

Assumption of liability

Management to continue to vest in certain persons until alternative arrangements have been made

Contracts to cease to have effect unless ratified by the Central Government or Jute Manufactures Corporation

Penalties

Offences by companies

Protection of action taken in good faith

Delegation of powers

Power to make rules

Power to remove difficulties

All sections

(1) On receipt of the claims made under section 17, the Commissioner
shall arrange the claims in the order of priorities specified in the Second Schedule and examine the same
in accordance with such order.

(2) If, on an examination of the claims against a jute company, the Commissioner is of the opinion
that the amount paid to him under this Act for payment to such company is not sufficient to meet the
liabilities specified in any lower category, he shall not be required to examine any claim in respect of such
lower category.

LAWGIST

# 19 Examination of claims