Nationalization Act

The Nationalization Act refers to laws enacted by a government to transfer private assets, industries, or services into public ownership. This process often aims to control critical sectors like transportation, energy, or industries considered vital to national interests. By nationalizing, the government assumes responsibility for managing these resources, ensuring they serve public needs, and sometimes to stabilize or regulate prices and supply. The act typically includes legal procedures for transfer, compensation to private owners (if applicable), and sets the framework for government management of the nationalized entities.