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42/1980 - The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 ▶

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