Section 8
Administrator to vacate office.
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 Administrator shall, immediately on redemption of all
the schemes of the specified undertaking and the payment of entire amount to investors, shall vacate his
office; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of
the Board of Advisers after vacation of his office as such.
(2) On the vacation of his office, the Administrator shall forthwith deliver, to the Central Government or any institution or officer specified by it, possession of all assets and properties representing and relatable to the specified undertaking which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Administrator.
(2) On the vacation of his office, the Administrator shall forthwith deliver, to the Central Government or any institution or officer specified by it, possession of all assets and properties representing and relatable to the specified undertaking which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Administrator.