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67/1980 - The Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act, 1980 ▶

Act Number: 67

Act Name: The Bird and Company Limited (Acquisition and Transfer of Undertakings and Other Properties) Act, 1980

Year: 1980

Enactment Date: 1980-12-27

Long Title: An Act to provide for the acquisition and transfer of the undertakings of the Bird and Company Limited for the purpose of ensuring the continuity of production of goods which are vital to the needs of the country and for the acquisition of shares held by the Bird and Company Limited in the specified companies for the purpose of securing to those undertakings the facilities and advantages derived by reason of such shareholding with respect to the operation and functioning of those undertakings and also to enable the Central Government to exercise such control over the affairs of the specified companies as is necessary to ensure that the affairs of those companies are not mismanaged and for matters connected therewith or incidental thereto.

Ministry: Ministry of Steel

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	Transfer and vesting of shares held by the Company in the specified companies.
5	General effect of vesting.
6	Central Government or the Government company not to liable for certain prior liabilities.
8	Payment of amounts to the Company and specified companies.
9	Management, etc., of the undertakings of the Company.
10	Duty of persons in charge of management of undertakings of the Company to deliver all assets, etc .
12	Provident fund and other funds.
13	Appointment of Commissioner of Payments.
14	Payment by Central Government to the Commissioner.
15	Certain powers of Central Government or Government company.
16	Claims to be made to the Commissioner.
17	Priority of claims.
18	Examination of claims.
19	Admission or rejection of claims.
20	Disbursement of money by Commissioner to claimants.
21	Disbursement of amounts to the Company and possession of certain machinery, equipment, etc.
22	Undisbursed or unclaimed amount to be deposited to the general revenue account.
23	Act to have overriding effect.
25	Penalties.
26	Offences by companies.
27	Protection of action taken in good faith.
28	Delegation of powers.
29	Power to make rules.
30	Power to remove difficulties.
31	Repeal and saving.
11	Continuance of employees .
7	Power of Central Government to direct vesting of the undertakings of the Company in a Government c ompany.
24	Contracts to cease to have effect unless ratified by the Central Government or Government company .