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.
List of Chapters & Sections
  1. All sections

  2. 1
     Short title and commencement
  3. 2
  4. 3
     Transfer to, and vesting in, the Central Government of the undertakings of the Company
  5. 4
     General effect of vesting
  6. 5
     Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
  7. 6
     Transfer of undertakings of the Company from an existing Government company to a new Government company
  8. 7
     Company to be liable for certain prior liabilities
  9. 8
     Payment of amount
  10. 9
     Payment of further amount
  11. 10
     Management, etc., of the undertakings of the Company
  12. 11
     Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
  13. 12
     Duty of persons to account for assets, etc., in their possession
  14. 13
     Continuance of employees
  15. 14
     Provident fund and other funds
  16. 15
     Appointment of Commissioner of Payments
  17. 16
     Payment by the Central Government to the Commissioner
  18. 17
     Certain powers of the Central Government or Government company
  19. 18
     Claims to be made to the Commissioner
  20. 19
     Priority of claims
  21. 20
     Examination of claims
  22. 21
     Admission or rejection of claims
  23. 22
     Disbursement of money by the Commissioner
  24. 23
     Disbursement of amounts to the Company
  25. 24
     Undisbursed or unclaimed amount to be deposited with the general revenue account
  26. 25
     Act to have overriding effect
  27. 26
     Assumption of liability
  28. 27
     Management to continue to vest in the Custodian until alternative arrangements have been made
  29. 28
     Contracts to cease to have effect unless ratified by the Central Government or the Government company
  30. 29
  31. 30
     Offences by companies
  32. 31
     Protection of action taken in good faith
  33. 32
     Delegation of powers
  34. 33
     Power to make rules
  35. 34
     Power to remove difficulties
  36. 35
     Repeal and saving