Lawgist27Management to continue to vest in the Custodian until alternative arrangements have been made
Notwithstanding the vesting under this Act of the undertakings of the Company in the Central Government or an existing, or a new, Government company,--
(a) the Custodian who has been managing the affairs of such undertaking before the date on which the undertaking had so vested shall, until alternative arrangements have been made by the Central Government or, as the case may be, such Government company, for the management of such undertakings continue to manage the affairs of the undertakings, as if the Custodian had been authorised by the Central Government or, as the case may be, such Government company, to manage such undertakings;
(b) the Custodian or any person authorised by him for this purpose shall, until alternative arrangements have been made by the Central Government or, as the case may be, such Government company, continue to be authorised to operate, in relation to the undertakings of the Company, any account of such undertakings in any bank as if the Custodian or the person authorised by him had been authorised by the Central Government or such Government company to operate such account.
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- 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
