Section 1: Dissolution of certain companies, etc. and forfeiture of assets.

(1) The companies known as Western Textile Industries Companies Limited, Zaria, Textile Mills Limited and Mid-West-Purpose Industries Limited are hereby dissolved.
(2) The properties set out in the Schedule to this Act being properties held by or on behalf of the companies mentioned in subsection (1) of this section or held by Messrs Davis of America or by or on behalf of one Solomon Nagaty are hereby forfeited to the Federal Government and shall vest in that Government free of all encumbrances without any further assurance apart from this Act.
(3) All other properties (whether movable or immovable) and rights in or of the companies, or held in or on behalf of any of the companies by any member, director or other officer of any of the companies or held by any person on behalf of any such member, director or other officer, are hereby forfeited to the Federal Government and shall vest in that Government free of all encumbrances without any further assurance apart from this Act.