Section 2. Definitions

2. Definitions.— In this Act, unless the context otherwise requires,— (a) "appointed day" means the date of commencement of this Act; (b) "Commissioner" means the Commissioner of Payments appointed under section 14; (c) "jute companies" means the companies (being companies as defined in the Companies Act, 1956 [1 of 1956]) specified in the First Schedule; (d) "Jute Manufactures Corporation" means the National Jute Manufactures Corporation Limited, a company incorporated and registered under the Companies Act, 1956 (1 of 1956); (e) "notification" means a notification published in the Official Gazette; (f) "prescribed" means prescribed by rules made under this Act; (g) "specified date", in relation to any provision of this Act, means such date as the Central Government may, by notification, specify for the purposes of that provision and different dates may be specified for different provisions of this Act; (h) words and expressions used herein and not defined but defined in the Companies Act, 1956 (1 of 1956), shall have the meanings respectively assigned to them in that Act. CHAPTER VII MISCELLANEOUS 24. Act to have overriding effect. 25. Assumption of liability. 26. Management to continue to vest in certain persons until alternative arrangements have been made. 27. Contracts to cease to have effect unless ratified by the Central Government or Jute Manufactures Corporation. 28. Penalties. 29. Offences by companies. 30. Protection of action taken in good faith. 31. Delegation of powers. 32. Power to make rules. 33. Power to remove difficulties. - THE FIRST SCHEDULE. THE SECOND SCHEDULE. THE JUTE COMPANIES (NATIONALISATION) ACT, 1980 ACT NO. 62 OF 1980 [21 st December, 1980.] - An Act to provide for the acquisition and transfer of the undertakings of the jute companies, specified in the First Schedule with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto. WHEREAS the said jute companies had been engaged in the manufacture and production of articles mentioned in the First Schedule to the Industries (Development and Regulation) Act, 1951 (65 of 1951), namely, textiles made wholly or in part of jute; AND WHEREAS the management of the undertakings of each of the said jute companies was taken over by the Central Government under the Industries (Development and Regulation) Act, 1951 (65 of 1951); taken over by the Central Government under the Industries (Development and Regulation) AND WHEREAS it is necessary to acquire the undertakings of the said jute companies to ensure that the interests of the general public are served by the continuance, by the undertakings of the said jute companies, of the manufacture, production and distribution of the aforesaid articles which are essential to the needs of the economy of the country; BE it enacted by Parliament in the Thirty-first Year of the Republic of India as follows:— THE SECOND SCHEDULE [ See sections 17, 19 (1), 20 (1), 22 (1) and 25 (1)] ORDER OF PRIORITIES PART I Category I— Employees' dues on account of unpaid salaries, wages, provident fund, Employees' State Insurance contribution or premium relating to the Life Insurance Corporation of India and any other amounts due to employees in respect of any period whether before or after the management of the undertakings of any jute company had been taken over by the Central Government. Category II— Secured loans obtained by any jute company from nationalised banks and public financial institutions during any period whether before or after the management of the undertakings of that company had been taken over by the Central Government. Category III— Any credit availed of for trade or manufacturing purpose during the post-take-over management period. Category IV— Revenue, taxes, cesses, rates or other dues to the Central Government, State Governments and local authorities or State Electricity Board for any period whether before or after the management of the undertakings of any jute company had been taken over by the Central Government. Category V— Any credit availed of for trade or manufacturing purpose during the pre-take-over management period.