Act 70 of 1980

The Hind Cycles Limited and Sen-Raleigh Limited (Nationalisation) Act, 1980

An Act to provide for the acquisition of the undertakings of the Hind Cycles Limited, and Sen-Raleigh Limited, with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of bicycles, and their component parts and accessories which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

  • Ministry of Heavy Industries and Public Enterprises
  • Department of Heavy Industry
  • Enacted 1980-12-27
  • 33 sections
SectionTitle
1 Short title and commencement.Read
2 Definitions.Read
3 Transfer to, and vesting in, the Central Government of the undertakings of the two companies.Read
4 General effect of vesting.Read
5 Owners of the two Companies to be liable for certain prior liabilities.Read
6 Power of Central Government to direct vesting of the undertakin gs of the two com panies in two Government Companies.Read
7 Payment of amount.Read
8 Payment of further amounts.Read
9 Management, etc., of the undertakings of the two companies.Read
10 Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc.Read
11 Duty of persons to account for assets, etc., in their possession.Read
12 Accounts and audit.Read
13 Continuance of employeesRead
14 Provident fund and other funds.Read
15 Appointment of Commissioner of Payments.Read
16 Payment by Central Government to the Commissioner.Read
17 Certain powers of Central Government or Government companies.Read
18 Claims to be made to the Commissioner.Read
19 Priority of claims.Read
20 Examination of claims.Read
21 Admission or rejection of the claims.Read
22 Disbursement of money by the Commissioner.Read
23 Disbursement of amounts to the two companies.Read
24 Undisbursed or unclaimed amount to be deposited with the general revenue account.Read
25 Act to have overriding effect.Read
26 Contracts to cease to have effect unless ratified by the Central Government or Government companies .Read
27 Penalties.Read
28 Offences by companies.Read
29 Protection of action taken in good faith.Read
30 Delegation of powers.Read
31 Power to make rules.Read
32 Power to remove difficulties.Read
33 Repeal and saving.Read
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