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

After admitting a claim against a jute
company under this Act, the amount due in respect of such claim shall be paid by the Commissioner to
the person or persons to whom such amount is due and on such payment, the liability of such jute
company in respect of such claim shall stand discharged.


LAWGIST

# 21 Disbursement of money by the Commissioner