S.K.V.A. Co-operative Pharmacy and Stores (Acquisition and Transfer of Undertaking) Act, 1976

No: 29 Dated: Jul, 10 1976

THE SK.VA CO-OPERATIVE PHARMACY AND STORES (ACQUISITION AND TRANSFER OF UNDERTAKING) ACT, 1976

(Act 29 of 1976)

    An Act to provide for the acquisition of the undertaking of the S.K.V.A. Co-operative Pharmacy and Stores and the transfer of the undertaking to the Pharmaceutical Corporation (Indian Medicines) Kerala Ltd.

    Preamble. - Whereas it is expedient to provide for the acquisition of the undertaking of the SKVA Co-operative Pharmacy and Stores and the tranSfer of the undertaking to the Pharmaceutical Corporation (Indian Medicines) Kerala Ltd.,

BE it enacted in the Twenty-seventh Year of the Republic of India as follows-

1. Short title and commencement. - (1) This Act may be called the SKVA Co-operative Pharmacy and Stores (Acquisition and Transfer of Undertaking) Act, 1976

(2) It shall come into force at once.

2. Definitions. - In this Act, unless the context otherWise requires,-

(a) "Administrator" means the Administrator of the Society,

(b) "appointed day" means the date on which this Act comes into force,

(c) "Company" means the Pharmaceutical Corporation (Indian Medicines) Kerala Ltd, being a Government Company as defined in section 617 of the Companies Act, 1956 (Central Act 1 of 1956) and having its registered office at Trichur in the State of Kerala,

(d) "Society" means the S K V A Co-operative Pharmacy and Stores, a co-operative society deemed to be registered under the Kerala Co-operative Societies Act, 1969 (21 of 1969) and having its registered office at Trichur;

(e) "prescribed" means prescribed by rules made under this Act;

(f) "share" means a share in the capital of the Society.

3. Undertaking of Society to vest in Government. - On the appointed day, the undertaking of the SOCiety shall, by virtue of this Act, stand transferred to and vested in the Government and the Society shall be deemed to have been dissolved.