The National Company Limited (Acquisition and Transfer of Undertakings) Act
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.1980
List of Chapters & Sections
All sections
1Short title and commencement2Definitions3Transfer to, and vesting in, the Central Government of the undertakings of the Company4General effect of vesting5Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company6Transfer of undertakings of the Company from an existing Government company to a new Government company7Company to be liable for certain prior liabilities8Payment of amount9Payment of further amount10Management, etc., of the undertakings of the Company11Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc12Duty of persons to account for assets, etc., in their possession13Continuance of employees14Provident fund and other funds15Appointment of Commissioner of Payments16Payment by the Central Government to the Commissioner17Certain powers of the Central Government or Government company18Claims to be made to the Commissioner19Priority of claims20Examination of claims21Admission or rejection of claims22Disbursement of money by the Commissioner23Disbursement of amounts to the Company24Undisbursed or unclaimed amount to be deposited with the general revenue account25Act to have overriding effect26Assumption of liability27Management to continue to vest in the Custodian until alternative arrangements have been made28Contracts to cease to have effect unless ratified by the Central Government or the Government company29Penalties30Offences by companies31Protection of action taken in good faith32Delegation of powers33Power to make rules34Power to remove difficulties35Repeal and saving