THE NATIONAL COMPANY LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980

ACT NO. 42 OF 1980 · Enacted [19th July, 1980.] · 35 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF THE COMPANY

Section 3.Transfer to, and vesting in, the Central Government of the undertakings of the Company.

Section 4.General effect of vesting.

Section 5.Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company.

Section 6.Transfer of undertakings of the Company from an existing Government company to a new Government company.

Section 7.Company to be liable for certain prior liabilities.

PAYMENT OF AMOUNTS

Section 8.Payment of amount.

Section 9.Payment of further amount.

MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE COMPANY

Section 10.Management, etc., of the undertakings of the Company.

Section 11.Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc.

Section 12.Duty of persons to account for assets, etc., in their possession.

PROVISIONS RELATING TO THE EMPLOYEES OF THE COMPANY

Section 13.Continuance of employees.

Section 14.Provident fund and other funds.

COMMISSIONER OF PAYMENTS

Section 15.Appointment of Commissioner of Payments.

Section 16.Payment by the Central Government to the Commissioner.

Section 17.Certain powers of the Central Government or Government company.

Section 18.Claims to be made to the Commissioner.

Section 19.Priority of claims.

Section 20.Examination of claims.

Section 21.Admission or rejection of claims.

Section 22.Disbursement of money by the Commissioner.

Section 23.Disbursement of amounts to the Company.

Section 24.Undisbursed or unclaimed amount to be deposited with the general revenue account.

MISCELLANEOUS

Section 25.Act to have overriding effect.

Section 26.Assumption of liability.

Section 27.Management to continue to vest in the Custodian until alternative arrangements have been made.

Section 28.Contracts to cease to have effect unless ratified by the Central Government or the Government company.

Section 29.Penalties.

Section 30.Offences by companies.

Section 31.Protection of action taken in good faith.

Section 32.Delegation of powers.

Section 33.Power to make rules.

Section 34.Power to remove difficulties.

Section 35.Repeal and saving.