Act 42 of 1980

The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980

An Act to provide for the acquisition and transfer of the undertakings of Messrs. National Company 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 articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

Ministry of Textiles
Enacted 1980-07-19
35 sections

Section	Title
1	Short title and commencement.	Read
2	Definitions.	Read
3	Transfer to, and vesting in, the Central Government of the undertakings of the Company.	Read
4	General effect of vesting.	Read
5	Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company.	Read
6	Transfer of undertakings of the Company from an existing Government company to a new Government company.	Read
7	Company to be liable for certain prior liabilities.	Read
8	Payment of amount.	Read
9	Payment of further amount.	Read
10	Management, etc., of the undertakings of the Company.	Read
11	Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc.	Read
12	Duty of persons to account for assets, etc., in their possession.	Read
13	Continuance of employees.	Read
14	Provident fund and other funds.	Read
15	Appointment of Commissioner of Payments.	Read
16	Payment by the Central Government to the Commissioner.	Read
17	Certain powers of the Central Government or Government company.	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 claims.	Read
22	Disbursement of money by the Commissioner.	Read
23	Disbursement of amounts to the Company.	Read
24	Undisbursed or unclaimed amount to be deposited with the general revenue account.	Read
25	Act to have overriding effect.	Read
26	Assumption of liability.	Read
27	Management to continue to vest in the Custodian until alternative arrangements have been made.	Read
28	Contracts to cease to have effect unless ratified by the Central Government or the Government company.	Read
29	Penalties.	Read
30	Offences by companies.	Read
31	Protection of action taken in good faith.	Read
32	Delegation of powers.	Read
33	Power to make rules.	Read
34	Power to remove difficulties.	Read
35	Repeal and saving.	Read