Bare Acts

CHAPTER IV MANAGEMENT, ETC., OF THE TEXTILE UNDERTAKINGS


10. Management, etc., of the textile undertakings.—The National Textile Corporation or any
person which that Corporation may, by order in writing, specify, shall be entitled to exercise the powers
of general superintendence, direction, control and management of the affairs and business of a textile
undertaking, the right, title and interest of the Company in relation to which have vested in that
Corporation under sub-section (2) of section 3, and do all such things as the Company is authorised to
exercise and do.
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[10A. Special provision for disposal of assets of the 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 textile undertaking so to do, it may, with the

1. Ins. by Act 40 of 1995, s. 3 (w.e.f. 27-6-1995).
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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 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.]
11. Duty of persons in charge of management of the textile undertakings to deliver all assets,
etc.—On the vesting of a textile undertaking in the National Textile Corporation, all persons in charge of
the management of a textile undertaking immediately before such vesting shall be bound to deliver to the
National Textile Corporation, all assets, books of account, registers or other documents in their custody
relating to the textile undertaking. 

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