Kerala act 029 of 1974 : The Kerala Cashew Factories (Acquisition) Act, 1974 (No.29 of 1974)

\

138

THE

KERALA CASHEW

FACTORIES

(ACQUISITION)

ACT, 19744

(ACT ^29OF

1974)

An Act to

provide for

'the

acquisition,

in the

public interest,

a! |

certain

cashew

factories PreamblewWHEREAS ^it

is

expedient,

in

the

public

interest. to

acquire

certain cashew

factories to

prevent large

scale

unemploy- ment among the workers

in

the cashew

industry

and to

provide employment ^totheworkers^{who havebeen}rendered

unemployed and ^tosecure to them

just

conditions of

service, BE it

enacted

in the

Twenty-fifth

Year of

the

Republic

of India as follows.—

1. Short

title,

extent and

commencement—[ll

This Act

may be

called

the

Kerala Cashew

Factories

(Acquisition)

Act.

1974.

(2) ^It

extends^tothewhole^oftheState^of

Kerain

(3) ^It

shall^comeintoforce ^atonce.

2.

Defimtions.—-In

this Act unless the context otherwise requires.—

(a)

"appointed day"

means ^{.the date}

ofapubhcation ^of

the declaration under

sub—section

(1)

of section

31fl>r

under sub-M"

(b)

"Cashew

factory"

means ^a

factory ^asf^e Factories

Act,

wherein

processing ^of

cashewnuts is

eing

carried on and includes

the

factory building.

the site

thereof,

and

the buildings ^andlands

appurtenant

thereto^{used or}

necessary^for, or in

connection

with,

the

working

of the

factory;

(c) "Corporation"

means^the

Kerala State Cashew

Develop ment

Corporation

Limited,

incorporated

under the

Companies

Act.

1 956

{Central ^Act1of

195(3); {dl

"Factories^Act"manna^HmFflnfnwinfl.Apf^WAR

JI'an-ml Act

63?:Edd)-.('Federation""means the Kerala

Etate

(Jo-operative] Marketing

iFede'aE-Ogjeans

an

occupier

as

defined

in the Factories Act:

a

(f)

"prescribed"'means

prescribed by

rules

made

under this Act;

'Received ^theassent^of

the President ⁱⁿ

the lath

day ^ofNovember¹⁹⁷⁴ and

pUbhshed ⁱⁿ

the Gazette

Extraordinary

No ⁷⁸⁷dated 1911'. November 1974 a.

mug

Ad ^m

as Mr

w.e.f

01-05,"?31,"

3.112.50er

L, ^Actwas

1733"" ¹

F afi-oz.

{r99 Le

_

0

O

\.

139 K

(3) "processing", ^with

reference^to

cashewnuts,

includes extraction of cashewnut oil^and

roasting, shelling. peeling. grading and

treating ^ofcashewnuts.^rJi

(laweUJ-

""\:' '1':

h)

"workers'

ctr-operative

society" ^or

"society" means a'co-o ^ralve

society registered

under the Kerala

Co-opemtive Societies

Act;

1969

(21 ^of

1969) ^andformed^withthe

object ^of managing ^acashew

factory

which^hasbeen

closed ^downorvestedⁿ

,

under this. Act in"the Government

and

.ofowhich at least

ninety

[r per ^centatthe members ^areworkmen

within

the

meaning

of the^' Industrial

Disputes

Act,

1947

(Central ^{Act 14of}

1947). ^whohave

i been, immediately

before^the

appointed day, ^{in the}

employment ^{of 3y} cashew facto ^_woman^ormuman:

'lun.

—ueing-processen-

nr'uie the factory ^towhyn allotment^hasbeen made^orthat such nuts ^are being

transferred^.toany other cashew

factory: ^or

(c) ^that

there ^{has been}

large

scale

unemployment.

other than

by

way of

lay ^oilor

retrenchment,

of

the

workers^ofa cashew factory,

by

order

published ^inthe

Gazette,

declare :that^thatcashew

factory shall stand

transferred

to.

and vest in, the

Government' vaidcd

that before

making ^a

declaration under this^sub— section ⁱⁿ

respect

of ^acashew

factory. ^the

Govemment

shall

give the

occupier ^of

the

factory

and the owner of the

factory,

where ^he is not the

occupier.

a

notice of

their

intention

to take

action

under this sub-section and

\the grounds

therefor and consider

the

objec- tions that may ^be

preferred

in pursuance of such

notice. Explanation—For ^thepurposes^{of this}

sub-section. ^{the ex-} pressions "lay ^off"and"retrenchment" shall^have.the

meanings respectively assigned ^{to theminthe}

Industrial

Disputes ^{Act. 1947} (Central ^{Act14 of}

1947).

(2') The notice referred to in

the

prmisio

to

sub—section

(1)

shall also

be

published

in two newspapers published

in the

State of Kerala. ^andsuch

publication

shall be deemed to

be

sufficient notice to the

occupier.

to

the owner where he is not the

occupier and to all other persons interested in

thc cashew

factory. {3) ^{0n the}

making ^ofadeclaration under

sub-section

(1),

the

cashew

factory ^to

which the declaration

relates,

together

with all

machinery.

other accessories and other movable

properties

as were

immediately

before the

appointed

day

in the

ownership, possession, power ^orcontrol^ofthe

occupier ⁱⁿ

relatlnn^tothe factory ^andall

books^of

accounts.

registers ^and

other

documents -

relating

thereto shall stand

transferred

for

and vest in. the '

G°"'"'""""

"Afiwui sum, as) sea-on 3A 4'juu'o'

by

flat-276g

"Ewe-f

18-02nl?3;'

.4

2 ^m '

4. General

effect of

nesting

under section 3,—All

property vesting ^inthe

Government under section ³

shall,

by

force^0fSUGh vesting, ^be

freed ^and

discharged ^fromany trusts.

obligations mortgages, charges, ^lienandother encumbrances

affecting ^{it. and} any attachment.

injunction ^{or any}decree^ororder^ofcourt

restrict lng ^{theuseof such}

property ^inany

manner shall^be

deemed^to have been withdrawn.

5.

Inventory

0/

properties—(1)

An ofilcer

authorised

by

the

5

under

the

"WW-"s '

.

"(by

4M- 1 section 3

or

t.e publication—~

"

"Hm-5P" it t '

m "(at

0' 71¢on

O

O

0

I1? ¹⁾Notwithstanding anything contained ⁱⁿ

_sccuw -,

Government

may' by ordenin

writing}:— (a)

direct^{that a.} cashew factory

vested ^inthem under

this ^Act

shall, instead of 'continuing ^tovest in the

Government. vest ⁱⁿthe

Corporation

With

effect from

suehwdate

(not being a

dam: earlier

than the

appointed day) as

may

nespemfiedinnthe order; ^or

L ^.

' .. .> -

2

h

1' '

'

(b)

entrust ^acashew factory vested ^inthemunder this

.

Act ^tothe Federation'or ^to a workers'- co-operativehsociety. or to

the Government ^in.

this behalf;

:

' t ^aroved

b

,

any w ^orinstitu Ion

pp .y d ^onsuch

terms and conditions, for

management ^forsuch

perio »

.

,

-

"on-u-

uculuuca nuu

as

may be

specified

m'

"339.32% ⁱⁿrelation

to such

factory shall,

7

on ^{and from thedate}'of' ^such

vesting, ^bedeemed to have

become the rights.

liabilities ^and

obligations respectively of the

Corporation.

9.

Payment

0/ amount-(1)

The

occupier of every cashew factory

which ^is

acquired

under^this Act shall ^be

paid

by ^the Government ^anamount

which shall^bedetermined in accordance

with the

principles specified ⁱⁿthe Schedule:

;

_..... ..._._..__'_______'__'__,__"

n..,.._,,; 5:- ^{A.. Pow" to}

acquire ^an)cashcwfadaij in

public

interest

-—(1)

Not- withstanding

anything

contained in section

3,

if

the

Government ar satisfied, ⁱⁿrelation ⁽⁰ a cashew

factory,

that it has been- clr sed for c

ll

period ^of

not ^lessthanthree months and such

closure

has

preludiciaua affected ^the

interest ^of

the

majority

of^theworkers

outraged ^m11"); factory ^{and that}

immediate

action ^is

necessary ^to

restaart^the

Cashew 5—:

~

factory

and

such

restarting

lS

necessary in the

public interesi, they rna, it

i

by

order

published

in the

Gazelle, declare,

that

the cashew

factor:

.

'

shall stand transferred to, and

vest

in,

the Government. y

Provided ^{that no}order under^thissub-section shall ^{bebl h} unless the

proposal ^forsuch

acquisition ^{issut d} pu

'15

ed the

Legislative

Assembly. ppor ^e

by ^a

"50mm" or

I

l ' '

(2) ^The

provisions ^ofsub-section ^{(3) of}section ^{3 and} '

a

shall, ^asfar ^as

may be,

apply to

a_

declaration made

1111:3123}:

'\

auction

(1), ^as

they apply

to ^a

declaration

made under sub-section

(1)

of section³ —'v

(3) ^The

provisions ^ofsection^7to16

(both

inclusiv

.

c

shall, far as

may

be,

apply

to,

or

in

relation to,

the cashew

fa)ctory

lax:

respect ^of

which ^a

declaration^{has beenmade}

under

sub-section

(1') ^its 33.35;? Govemmenltl; ^ails the case

may be,

as

they apply

to ^a

cashew re 3 ion to ' '

section

(1)0fscczion

'33 c a

declaration

has been made

under sub- _

(7)"Th'e'

aniofifit'détermmed'in

cocci-dine}

\Tzith'tne ioregomg' provnions

shall ^he

paid ^totheperson ^or

persons entitled thereto .n

cash

within ^a

period of ^sixmonths

froth'hA

("$4,133.5th

peter-

.

urination: "End 9:13 ^101briminabivom ^ebndzild yam-emu! ^{['7 m" '95"06'}"8'5"^w

cf" 2.9-2.4???

I

I'll Provided .that ^{if the}amount

is not

paid

Within the

period aforesaid, ^theGovernment

shall pay interest^ontheamount^{at the} rate of four per cent per

annum

from the

date of

expiry

of the said

period.

10.

Employment of

certain

employees

to

continue.-(l) Every person who is^aworkman Within the

meaning

of the Industrial Disputes

Act,1947

(Central ^{Act14 of}

1947). ^andhas

been,irnmediately before the

appointed day.

in ^the

employment

of a cnshow

factory vested under this ^Actin

the Government or

the

Corporation,

as the case

may he.

shall

become.

on and from

the

appointed day,

an employee ^{of the}

Government. ^orasthecase

may^{be, ofthe} Corporation ^andshall^holdofiice ^or

service^{in the}

cashew

factory on the same terms and conditions and with

.the same

rights

to pension'

gratuity ^andother matters^as

would^havebeenadmissible to him if

such cashew factory had not been

trasferred

to,

and- \ested

in. the

Government

or

the

Corporation.

as

the case

may be. and

continue

to

do so unless and

until

his~employment

in such cashew

factory

is

duly

terminated

or until his

remuneration,

terms and

conditions of

employment

are

duly altered, by

the

Gm

eminent or the

Corporation.

as the case

may be

(2) ^The

Government ^orthe

Corporation. ^asthecase

may be, in

which a cashew

factory

has vested under this Act. may employ, an

mutually

acceptable

terms and

conditions. any person who is not n

workman within the

meaning

of the Industrial

Disputes

Act.

1947

(Central

Act 14 of

1947)

and who has

been.

immediately before ^the

appointed day. ^inthe

employment

of ^suchcashew

factory. and ^{on such}

employment

the ^saidperson shall

become ^an

employee of the Government ^or

the

Corporation, ^as

the case

may he.

(3) ^Saveasotherwise

provided ⁱⁿsub-sections

(ll ^and

(2).

the services

of every person who is,

on

the

appointed day.

an employee ^ofncashew

factory

vested^inthe

Government ^{or the} Corporation

under^thisAct

shall

stand

terminated ^{onand from} such

date as

may be

specified by

the

Government

(4)

Where.

under^theterms ^of

any contract ^ofsci-Vice^or otherwise any

person whose service becomes terminated or whose service

becomes transferred to the

Government or the

Corporation by

mason^{of the}

provisions ^{ofthis Act. is}entitled^toanypayment by ^wayof

gratuity ^orretirement benefits^orforanyleave^not availed

of,

or

any other benefits,

such person

may enforce his claim

against

the

occupier ^ofthe cashew

factory ^but

not

against the Government ^or

the

Corporation...

My $.10];

11. Provident

[amt—(I)

Where ^a

cashew

factory

has ooh- bllshed ^a

provident

fund

for the benefit

of ^its

employees.

the ^-

P

.' , '1-5

UA. Continuance

of

employees

wnerc cusnew

factory

is

)

entruste ^{to the}

Federation^or.toa

worker's" comperqtme society or to ^aninstitution

for

management—(1)

Where^acashew

factory vested

under

this Act ^inthe

Government

has been

entrusted ^tothe Federation ^orto

any other

institution

approved;

by

the Government in ^thisbehalf

under sub-section

(1)

of section 8 for

management. every

persorr ^who

is^aworkman Within ^the

meaning

of the

Industrial Disputes ^{Act, 1947}

(Central ^{Act 14 of}

1947), ^{and,has been}

imme- diately

before^the

appointed

day ^inthe

employment ^{of the}cashew factory,

shall

become, ^{onand fromthedateon}which

the

cashew factory ^lSsoentrusted ^for

management, ^an,

employee ^ofthe Federation or, ^asthe ^case

may be, ^{of the}

institution and shall hold office ^orserv1ceⁱⁿ

the cashew

factory ^on

the^sameterms and conditions ^and

\'s'lth

the ^same

rights ^asto

pension, gratuity ^and other matters ^aswould^have

been admissible ^tohim if.

such,cashew, factory ^{had notbeen}

transferredto,' ^and

vested ^{in, the}

Government and continue ^todo so unless and until~ his

employment

in

such cashew

factory ^is

dulyfiermmated ^oruntil

'niSvremuneration,

terms and conditions ^of

employment ^are

duly

altered, by

the

Federation ^or the

institution, ^as

the^case

may ^be. *

x

/

(2)

Notiiithstanding

anything

contained ⁱⁿ

section^{10 or in} anv

other lav:

for the time

being ⁱⁿ

force,

where a

cashew

factory vested

under ^thisActin

the

Government

has been

entrusted ^to3. workers'

co-operative society

under

sub-section

(ll ^ofsection 8-for management, only ^{such of}

those

persons_who ^are

workmen within

7

ti.e

meaning

of

the

Industrial

Disputes

Act,

1947

(Central

Act

14

of

1947),

and

have

been,

immediately

before the

appointed

day, in the

employment

of the cashew

factory

and who become members ofr

the. workers'

cooperative society.to

which the

management

has been so

entrusted

shall

be

eligible

for

employment

in the cashew factoryfi'

(3)

Every person^whois

eligible ^for

employment

under^sub- section

(2) ⁱⁿa

cashew

factory

vested

under this Act

in

the Govern- ment and'

is

entrusted ^toaworkers'

co-operative somety

for management;

shall

become, ^{on andfrom the date on}which^the cashew

factory ^isSo

entrusted

to the

society ^for

management ^or the

date

on

which

he

becomes a

member

of such

somety,

whichever is

later,

an

employee

of,the

society

and

shall,

hold oflice or semce in the cashew

factory

on such-

remuneration,

terms and

conditions of:

employment

as

may;

be determined.

by

the

soczety.

..

"I '1 ^"

(4)

The

Federation

or a

workers'.

co-operative

soc1ety

or

any institution'to which the

management

of a cashew

factory

vested under

this

Act' ^inthe

Government ^isentrusted under sub-section

(1) ^of

section.

8, may'

employ ^on

mutually acceptable

terms^and conditions any-person who~is^{not a}workman Within ^themeamng of the

Industrial

Disputes

Act, ¹⁹⁴⁷

(Central

Act ^{14 of}

1947)

and- ^whohas

been',

immediately

before^the

appomted

day, ^inthe employment ^ofsuchcashew

factory ^andonsuch

employment ^the said: person shall

become^an

employee ^{of the}

Federation ^{or the} society ^orthe

institution, ^{as the}

case'may ^be.

.

(5)

Where the

management

of a

cashew

factory

vested under this ^Actin

the Government^isentrusted^totheFederation^{or to :1} workers'_

cooperative society ^orto

any other

institution ^for managementunder

sub-section ^{(1) of}

section ^8,anyperson whose service

becomes terminated ^orwhobecomes ^an

employee ^{of the} Federation ^orthe

somety ^{or the}institution

by

reason^oftheprow- Sions of this

section,

is entitled to

any

payment by

way of

gratuity or

retirement

benefits ^orfor

any

leave not availed

of, ^or

any

other~ - --

benefits, prior ^tothe

appointed day, ^suchperSOn

may enforce^his claim

against

the

occupier ^ofthe

cashew

factory

immediately

before the

appointed

day

but ^not

against

the

Government ^orthe Federation or the

society ^orthe institution.

(6)

Notwithstanding

anything

contained ^intheIndustrial Disputes ^Act1947

(Central ^{Act14 of}

1947), ^{Or in any}other^law for- the time

being

in

force, any

person

whose

schice

becomes terminated ^of

whose

terms and conditions ^of

employment ^have been altered ⁱⁿ

pursuance of the

prOViSions

of this

section,

shall not be entitled

to

any compensation

under ^{thisAct or}under

any who! (Ru)

joy ^4&1.'Iqu

bug ^(A

gene

QM! ncSM'L

(loin Ski-X! be (3,340,401.st

by

0111 ^COM?

4715qu of

0—Way],

au'thoh'blg —.._."—-'*.—._'——-arA 9' Jamil! 6': Act-

oir^oi-

l'ffrf (me-f.

023,2,

(999 .

l

i

i'

x"

9

C7"

in

moneys

relatable ^{to the}

employees.

whose services^havebecome transferred, ^{by or}

under ^{this Act,}

adhe~

Government ot-the day ^a

workers' co-o

era. '

'

vcs

moneys

standingp, tive soc1et '

d

transferred 1:

(1)

the

Corporation or

the

Federatizhagg tv th. society ^or

the

institution manner ^as '

"'"TKers' co-o '-

--

~.

.

.

- _ 12 s

J

by the

Govenfrfzreanve ^s

y

01'

Mflrahon

Or"

F'Or'kers' CM "t of

the C "lshtu superannunt ^In

Such m Peratrve societ o

a

ion or

th benefit ^of

the

employs..."er ^as

may

hey 01'

the in

e Government ^or

the Corporatiori'l-yzrfi ^RDby

winch^such

empl yees ^wee-

_:_

"Wu?"^07a

inn/cu, (a nuated. ^{or his}services ^{with the}

cashew

factory ^\had

terminated, on the

day immediately preceding

such date ^as

may

be

specified by ^theGovernment ^inthis

behalf I3. Penalties

~(l) Any person who—- (a)

fails^tofurnish any information which^{he is}

bound ^to furnish under sub-section

(3)

of section ⁵or furnishes any such mlormation which he

knows^orhas reason^to believe to ^be

false.

or (b)

contravenes ^the

provisions ^ofsection ^{6; or} (cl

having

in^his

possession.

custody

or control any property forming part ^{of a}

cashew

factory ⁱⁿ

respect ^ofwhich a

declaration under

section

3

has been

made. Wrong- fullv

withholds^such

property ^{from the}

Government; or

(d) wrongfully

obtains

possession ^of

any property forming part ^{of a}cashew

factory

which ^hasvested^inthe Goxemment under this

Act, shall ^be

punishable

with

imprisonment ^fora

term which may extend O to one

year. ^orwith

line, ^orwithboth:

Provided ^that

the court

trying any ofi'ence

under

clause

(c)

or clause

(d) may. at .the time of

convicting

the accused person. order him ^to

deliver up within^atime to be fixed

by

the court any property

wrongfully

withheld^orobtained

(2) ^Nocourt shall ^take

cognizance ^ofan

offence

punishable under this section

except

with the

previous

sanction of the Govern- ment ^or

an officer authorised

by

the

Government ⁱⁿthis

behalf.

.

' casubsilurd

by ^Ad-

asu

Htfwyua-f

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L

' Iz__on_ttle

al'li'omted

.

ration or

thTF'edera ' P

.—

on

th y ^oran

institution, shall,

out

filial:

vident

fund stan e

appoxnted

day,

to

the credit 'of\ such

.pro-' , est

in.

the

Government

or. he

workers' ^- , as

the

case

may

b3}

megggpifiive

.

.

ed l'escn'be tubal],^as

theeza ^on amount

due

to each

employee

as if

the

employee

Imu

DquhIPfi-Iwe w

\'1 1M-

14.

Olfences by

companies—(l)

Where

an

onenco

under this Act has

been committed

by

a

company, every person who at the time the

offence

was

committed was in

charge

of,

and

was responsible to, ^thecompany^fortheconduct^ofthebusiness^ofthe company ^aswell^asthe company. shall

be deemed to be

guilty

of the offence and shall be

liable to he

proceeded against

and

punished accordingly:

Provided ^that

nothing

contained

in this

sub-section shall render any such person liable to any pumshment,

if he proves that the offence

was committed

without his

knowledge

or that he had exercised ^{all due}

diligence ^to

prevent ^the

commission of ^such

offence.

(2)

Notwithstanding anything

contained ⁱⁿ

sub-section

(1).

where any offence under^thisActh'és

been committed

by

a

comm); and itis

proved

that

the

offence has been

committed

with the consent or connivance

of

or is

attributable to any neglect

on the

part

of. any director. manager.

secretary ^or

other officer

of

the company. such

director, manager secretary

or

other officer shall

be

deemed '5 ^{to be}

guilty ^ofthatoffence^andshall ^beliable^{.to he}

proceeded

:

against

and

punished accordingly. '

':

Explanation—For ^thepurposes^{of this}

section,— <§ ^(a)

"company"

means ^anybodycorporate ^andincludes ^afirm or

other association of

inidividuals:

and

(b) "director". ⁱⁿ

relation^toa

firm. means ^a

partner ^inthe

"TSP"—

Fdivoiiw ^{o-r a}

lhlnkus'

(a-orevad/u

500:6; ^{an A"}

'r'l-"i'zgy

15. Protection

of

action taken in

good Iaith—(l)

No

suit. pmrosecutmn or other

legal

oceeding

shall lie

against

the

Govem-

J

Ca-o/'v

"

or 1M"! lull-am.

]

o ' eat or

the<

Corporation

0

infer or

other

employee

of the

A.

('Gotc mrnent

dCorporaiangfor anythhing t'which ^isin

goodfai h done

or

nbe

done' under

t is Ac ,

Lair

7"A x

. Mamba 3 m

~

"an :M

w E ⁽haggliiz'm^g;

othei-Jolegal Uroceeding

£111.11 ^lie

against ^The '

Government

or the

Corporation

(fibril-1y

officer or

other

employee1 of the Guiemment or the

Corpora

10

\for any damage

caused

or q?'

likely ^tobe

caused ^byanything

which^{isin good}

faith ^{done or} r intended

to

be done under this

Act

I6 _I', rob-d3"

:7

.; ,'

r1 - 'J ~g ^m

aiwveral.wo1 ^""""-""

H's ^16.

Prower

to make

mics—(l)

The

Government

may,

by

1

notification ⁱⁿ

the Gazette. make rules to carry out the

provisions

x] ^{of thisAct.} ' (2)

Every

rule

made under this

Act shall

be

laid.

as soon as

may be after

it is

made.

before the

Legislative Assembly

while it is in

session for a total

period

of

fourteen

days

which may be comprised ^{in one}

session^orintwosuccessive sessions ^and

it. before the

expiry

of the

session ⁱⁿ

which it is so laid or the

session. '3-

Swarm

by ^Ad&r

.3—2 Ht)"

"'5'

Jubrh'w

6,

Ad?"^Ar

'2

017,35,(an L of aha—I989-

!

1.1

145

immediately following, ^the

Legislative

Assembly

makes^anymodifi- cation in the rule ^or

deCldeS

that the rule

should

not ^be

made, the rule

shall thereafter have

ellect

only ^insuch

modified ^fromor be ^()1no

ellect, ^asthecase

may be, ^sohowexer ^thatany such modification ^or

annulment

shall^beWithout

prejudice ^tothe validity ^of

anything prevrously ^doneunder^that

rule.

17.

Repeal

and

sauing.—(l)

The

Kerala Cashew Factories (Acquisxtion) Ordinance, ^{1974 (8 of}

1974), ^is

hereby

repealed-

[2)

Noththstanding ^such

repeal, anything ^doneor

any action taken

under^thesaid Ordinance shall be

deemed

to have been done or taken under this ^{ActasifthisAct}

had commenced ^onthe 28th

day

of

June,

1974.

THE

SCHEDULE

(See

Section ⁹⁾ Principles ^for

determining

amount

payable ^for

acquisition of

cashew

factories Paragraph ¹ The

amount

to be

paid by ^theGovernment^for

the

acquisition of a

cashew

factory

shall be

the sum total of the

value of the properties ^andassets ^atthe

lactory existing ^{on the}

appomted day, calculated ⁱⁿaccordance^withtheprovrslons^of

Paragraph ^ll. Paragraph ¹¹

(a) (i) ^In

respect ^ofany^landwhich^was

part ^{of the}

factory at the time ^ofestablishment

of the

factory,

the value of

such land at the

time ^ofestablishment^olthe

factory;

(ii) ^In

respect ^ofanyland

acquired^{by the}owner^or

occupier for the purposes of the

factory

subsequent

to the establishment of the

factory,

the

value

of such land at

the time

of

such

acquisrtlon;

(b) ^Thecostofany

buildings ^atthetimeofconstruction

minus depreciation ^{attherateof 5}

per^centper

annum

subject ^toa maximum of 50 per cent

depreciation;

(c) ^Theactual^costof

acquiring

any plant, machinery ^orother equipment

which ^hasnotbeenworked^{orusedand the}written down

value

(determined ⁱⁿ

accnrrlar'ce with

the

provisions

of

the Income-tax

Act,

1961)

of any other

plant,

machinery

or other equipment, provided ^thatsuchwritten^downvalue shall^notbe less than 25 per cent

of the

actual

cost

of

acquiring

such

plant, machinery ^or

other

equipment.

.

' 34/1847/MC.