Section 15 in The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Act, 1997
Title: Repeal and Saving
(1) The Industrial Reconstruction Bank (Transfer of Undertakings and Repeal) Ordinance, 1997 (Ord. 7 of 1997) is hereby repealed.
(2) Notwithstanding such repeal, anything done or any action taken under the Ordinance so repealed, shall tie deemed to have been done or taken under the corresponding provisions of this Act.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
(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.
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
(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.
Title: Administrator of society.
(1) The Central Government shall, as from the commencement of this Act, appoint a person as the Administrator of the society for the purpose of taking over the administration thereof and the Administrator shall carry on the management of the society for and on behalf of the Central Government.
(2) Subject to the supervision, control and directions of the Administrator, the functions of the finance Committee of the Society, before the commencement of this Act, shall be exercised by an officer of the Central Government, to be appointed by that Government.
(3) The Central Government may issue such directions (including directions as to initiating, defending or continuing any legal proceedings before any court, tribunal or other authority) to the Administrator as to his powers and duties as that Government may deem desirable and the Administrator may apply to the Central Government at any time for instructions as to the manner in which he shall conduct the management of the society or in relation to any matter arising in the course of such management.
(4) Subject to the other provisions of this Act and the rules made thereunder and to the control of the Central Government, the Administrator shall be entitled, notwithstanding anything contained in the Societies Registration Act or any other law for the time being in force, to exercise, in relation to the management of the society, the powers of the General Council, or, as the case may be, the Executive Board, including the powers to dispose of any property or assets of such society, whether such powers are derived under any law for the time being in force or from the memorandum and rules and regulations of the society or from any other source.
(5) Every person having possession, custody or control of any property forming part of the society shall deliver forthwith such property to the Administrator.
(6) Any person who, on the commencement of this Act has in his possession or under his control any books, papers, works of art or other documents relating to management of the society, including the minutes books containing the resolutions of the persons in charge of the management of the society before the commencement of this Act, the current cheque books relating to the management of the society, any letters, memoranda, notes or other communications between him and the society shall, notwithstanding anything contained in any other law for the time being in force, be liable to account for the books, papers, works of art and other documents (including such minutes books, cheque books, letters, memoranda, notes or other communications) to the Administrator.
(7) Any person in charge of the administration of the society immediately before the commencement of this Act shall, within ten days from that day or within such further period as the Central Government may allow in this behalf, furnish to the Administrator a complete inventory of all the properties and assets (including particulars of book debts and investments and belongings) forming part of the society immediately before the commencement of this Act, and of all the liabilities and obligations of the society, in relation to its administration, subsisting immediately before such commencement, and also of all agreements entered into by the society in relation to its administration and in force immediately before such commencement.
(8) The Administrator shall receive from the funds of the society such remuneration as the Central Government may fix.