Section 26 in The Textile Undertakings (Nationalisation) Act, 1995

Title: Undisbursed or unclaimed amounts to be deposited to the general reserve account

Description: Any money paid to the Commissioner which remains undisbursed or unclaimed for a period of three years from the last day on which the disbursement was made, shall be transferred by the Commissioner to the general revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of revenue.

Title: Assumption of liability

Description: (1) Where any liability of the owner of a textile undertaking arising out of any item specified in category I of the Second Schedule is not discharged fully by the Commissioner out of the amount paid to him under this Act, the Commissioner shall intimate in writing to the Central Government the extent of the liability which remains undischarged, and that liability shall be assumed by the Central Government. (2) The Central Government may, by order, direct the National Textile Corporation to take over any liability assumed by that Government under sub-section (1), and on receipt of such direction, it shall be the duty of the National Textile Corporation to discharge such liability.

Title: Management to continue to vest in the custodian until alternative arrangements are made

Description: Notwithstanding the vesting, under this Act, of a textile undertaking in the National Textile Corporation,-- (a) the Custodian who has been managing the affairs of such undertaking before the date on which the Textile Undertakings (Nationalisation) Ordinance, 1995 (Ord. 6 of 1995) was promulgated shall, until alternative arrangements have been made by the National Textile Corporation, continue to manage the affairs of such undertakings as if the Custodian had been authorised by the National Textile Corporation to manage the affairs of such undertaking; and (b) the Custodian or any person authorised by him for this purpose shall,until alternative arrangements have been made by the National Textile Corporation, continue to be authorised to operate, in relation to the textile undertaking, any account of such undertaking in a bank as if such Custodian or the person authorised by the Custodian had been authorised by the National Textile Corporation to operate such account.

Title: Act to override all other enactments

Description: The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act or in any decree or order of any court, tribunal or authority.

Title: Contracts to cease to have effect unless ratified by the National Textile Corporation

Description: (1) Every contract entered into by the owner or occupier of any textile undertaking for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of one hundred and twenty days from the date on which the Textile Undertakings (Nationalisation) Ordinance, 1995 (Ord. 6 of 1995) was promulgated, cease to have effect unless such contract is before the expiry of that period, ratified, in writing, by the National Textile Corporation and in ratifying such contract the National Textile Corporation may make such alterations or modifications therein as it may think fit: Provided that the National Textile Corporation shall not omit to ratify a contract, and shall not make any alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the textile undertaking. (2) The National Textile Corporation shall not omit to ratify a contract or make any alteration or modification therein except after giving to the parties to the contract a reasonable opportunity of being heard and except after recording in writing its reasons for refusal to ratify the contract or for making any alteration or modification therein.