LawgistThe National Company Limited (Acquisition and Transfer of Undertakings) Act
24Undisbursed or unclaimed amount to be deposited with the general revenue account
Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally would up, shall be transferred by the Commissioner, before his office is finally wound up, to the general revenue account of the Central Government; but a claim to any money so transferred may be preferred to the Central Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, and the order, if any, for payment of the claim being treated as an order for the refund of revenue.
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All sections
- 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
- 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
- 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
- 11 Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
- 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
- 28 Contracts to cease to have effect unless ratified by the Central Government or the Government company
- 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
