Section 20
Power of Central Government to make Scheme.
The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
About this Act
An Act to provide for the transfer and vesting of the undertaking (excluding the specified undertaking) of the Unit Trust of India to the specified company to be formed and registered under the Companies Act, 1956, and the transfer and vesting of the specified undertaking of the Unit Trust of India in the Administrator and for matters connected therewith or incidental thereto and also to repeal the Unit Trust of India Act, 1963.
(1) The Central Government may, by
notification in the Official Gazette, make a Scheme for carrying out the provisions of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, the said Scheme may provide for all or any of the following matters, namely:--
(a) the manner in which the specified undertaking and schemes and assets and investments specified in Schedule I shall be managed;
(b) the term of office of the Advisers, the fee and allowances and other conditions of appointment of the Advisers, disqualifications for being an Adviser, filling up of casual vacancy in the office of Adviser, the meetings of Board of Advisers, vacation and resignation of office of the Advisers;
(c) the manner of payment of consideration for which the undertaking shall be transferred to the specified company;
(d) the assets representing and relatable to the undertaking and the specified undertaking; and
(e) such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Act.
(3) Every Scheme made under sub-section (1) shall be laid, as soon as may be after it is made before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the Scheme or both Houses agree that the Scheme should not be made, the Scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that Scheme.
(2) In particular, and without prejudice to the generality of the foregoing power, the said Scheme may provide for all or any of the following matters, namely:--
(a) the manner in which the specified undertaking and schemes and assets and investments specified in Schedule I shall be managed;
(b) the term of office of the Advisers, the fee and allowances and other conditions of appointment of the Advisers, disqualifications for being an Adviser, filling up of casual vacancy in the office of Adviser, the meetings of Board of Advisers, vacation and resignation of office of the Advisers;
(c) the manner of payment of consideration for which the undertaking shall be transferred to the specified company;
(d) the assets representing and relatable to the undertaking and the specified undertaking; and
(e) such incidental, consequential and supplemental matters as may be necessary to carry out the provisions of this Act.
(3) Every Scheme made under sub-section (1) shall be laid, as soon as may be after it is made before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions and if before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the Scheme or both Houses agree that the Scheme should not be made, the Scheme shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that Scheme.