Section 14 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997

Title: Repealed

Description: [Insertion of new section 4A].--Rep. by the Repealing and Amending Act, 2001 (30 of 2001), s. 2 and the First schedule (w.e.f. 2-9-2001).

Title: Repeal and Saving

Description: (1) The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ord. 7 of 1997) is hereby repealed. (2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall tie deemed to have been done or taken under the corresponding provisions of this Act.

Title: Short title and commencement

Description: (1) This Act may be called the Lalit Kala Akadami (Taking Over of Management) Act, 1997. (2) It shall be deemed to have come into force on the 24th day of January, 1997.

Title: Definitions

Description: In this Act, unless the context otherwise requires,-- (a) "Administrator" means a person appointed as the Administrator under section 4; (b) "prescribed" means prescribed by rules made under this Act; (c) "Societies Registration Act" means the Societies Registration Act, 1860 (21 of 1860), as in force in the National Capital Territory of Delhi; (d) "society" means the Lalit Kala Akadami being a society registered under the Societies Registration Act. (e) words and expressions used herein and not defined, but defined in the Societies Registration Act shall have the meanings respectively assigned to them in that Act.

Title: Management of the society

Description: (1) On and from the commencement of this Act, and for a period of three years thereafter, the management of the society shall vest in the Central Government: Provided that if the Central Government is of opinion that in order to secure the proper management of the society, it is expedient that such management should continue to vest in the Central Government after the expiry of the said period of three years, it may, from time to time, issue directions for the continuance of such management for such period, not exceeding one year at a time, as it may think fit; so, however, that the total period for which such management shall continue to vest in the Central Government shall not, in any case, exceed five years. (2) The management of the society shall be deemed to include management of all assets, rights, leaseholds, powers, authorities and privileges and all property, movable and immovable, including lands, buildings, works of art, workshops, projects, stores, instruments, library, machinery automobile and other vehicles, cash balances, reserve funds, investments and book debts and all other rights and interests arising out of such property as were immediately before the commencement of this Act in the ownership, possession, power or control of the society, and all such books of account, registers, maps, plans and all other documents of whatever nature relating thereto. (3) Any contracts, whether express or implied, or other arrangement, in so far as it relates to the management of the society and affairs of the society and in force immediately before the commencement of this Act shall be deemed to have terminated on such commencement. (4) All persons in charge of the management of the society, including persons holding offices as Chairman, Vice-Chairman, Secretary or Honorary Secretary, as the case may be, and members of the General Council, Executive Board, Finance Committee and all other committees of the society immediately before the commencement of this Act shall be deemed to have vacated their offices as such on such commencement.