The Coal Mines Labour Welfare Fund (Repeal) Act, 1986

(1) This Act may be called the Coal Mines Labour WelfareFund (Repeal) Act, 1986. (2) It shall come into force on such date1as the Central Government may, by notification in theOfficial Gazette, appoint.

In this Act, unless the context otherwise requires,-- (a) "the Act" means the Coal Mines Labour Welfare Fund Act, 1947 (32 of 1947); (b) "appointed day" means the date on which this Act comes into force; (c) "Housing Board" means the Coal Mines Labour Housing Board constituted under section 6 ofthe Act.

On the appointed day, the CoalMines Labour Welfare Fund Act, 1947 shall stand repealed, and the Coal Mines Labour Housing Boardshall stand dissolved.

On the dissolution of the Housing Board,-- (a) all rights and privileges of the Housing Board shall become the rights and privileges,respectively, of the Central Government; (b) all properties, movable and immovable, including cash balances, reserve funds, investmentsand moneys lying to the credit of the Housing Board and all rights and interests in, or arising out of,such properties as were immediately before the appointed day, in the ownership, possession, power orcontrol of the Housing Board, and all books of account, registers and records and all other documentsof whatever nature relating thereto, shall vest in the Central Government; (c) all the borrowings, liabilities and obligations of the Housing Board of whatever kind andsubsisting immediately before the appointed day, shall be deemed on and from such day to be theborrowings, liabilities and obligations, as the case may be, of the Central Government; (d) all contracts entered into, and all matters and things engaged to be done by, with or for, theHousing Board and subsisting immediately before the appointed day shall be deemed, on and fromsuch day to have been entered into or engaged to be done by, with or for, the Central Government; (e) all licences and permits granted to the Housing Board and in force immediately before theappointed day shall be deemed on and from such day to have been granted to the Central Governmentand shall have effect accordingly.

Notwithstanding anything contained in section 4, the Central Government may, if it issatisfied that a Government company is willing to comply, or has complied, with such terms andconditions as that Government may think fit to impose, direct, by an order in writing, that the right, titleand interest of the Housing Board in relation to any property shall, instead of continuing to vest in it, vestin the Government company (hereinafter referred to as the Government company) either on the date ofpublication of the direction or on such earlier or later date (not being a date earlier than the appointed day)as may be specified in the direction, and on such vesting, the liability or obligation, as the case may be, ofthe Housing Board, in relation to such property shall, instead of continuing to be the liability or obligationof the Central Government, become the liability or obligation, as the case may be, of the Governmentcompany.