Section 30(1) in The Textile Undertakings (Nationalisation) Act, 1995
(1)Every contract entered into by the owner or occupier of any textile undertaking for any service, sale or supply and in force immediately before the appointed day shall, on and from the expiry of one hundred and twenty days from the date on which the Textile Undertakings (Nationalisation) Ordinance, 1995 (Ord. 6 of 1995.) was promulgated, cease to have effect unless such contract is before the expiry of that period, ratified, in writing, by the National Textile Corporation and in ratifying such contract the National Textile Corporation may make such alterations or modifications therein as it may think fit:Provided that the National Textile Corporation shall not omit to ratify a contract, and shall not make may alteration or modification in a contract, unless it is satisfied that such contract is unduly onerous or has been entered into in bad faith or is detrimental to the interests of the textile undertaking.
