Act Number: 42

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

Year: 1980

Enactment Date: 1980-07-19

Long Title: 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: Ministry of Textiles

Department:

Section 19: Priority of claims.
    The claims made under section 18 shall have priorities in accordance with the following principles, namely:
         (a) Category I shall have precedence over all other categories and Category II shall have precedence over Category III and so on;
         (b) the claims specified in each of the categories shall rank equally and be paid in full, but, if the amount is insufficient to meet such claims in full, they shall abate in equal proportions and be paid accordingly; and
         (c) the question of discharging any liability with regard to a matter specified in a lower category shall arise only if a surplus is left after meeting all the liabilities specified in the immediately higher category.
Notes:

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