THE HIND CYCLES LIMITED AND SEN-RALEIGH LIMITED (NATIONALISATION) ACT, 1980

ACT NO. 70 OF 1980 · Enacted [27th December, 1980.] · 33 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION OF THE UNDERTAKINGS OF THE TWO COMPANIES

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

Section 4.General effect of vesting.

Section 5.Owners of the two Companies to be liable for certain prior liabilities.

Section 6.Power of Central Government to direct vesting of the undertakings of the two companies in two Government Companies.

PAYMENT OF AMOUNTS

Section 7.Payment of amount.

Section 8.Payment of further amounts.

MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE TWO COMPANIES

Section 9.Management, etc., of the undertakings of the two companies.

Section 10.Duty of persons in charge of management of the undertakings of the two companies to deliver all assets, etc.

Section 11.Duty of persons to account for assets, etc., in their possession.

Section 12.Accounts and audit.

PROVISIONS RELATING TO EMPLOYEES OF THE TWO COMPANIES

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 Central Government to the Commissioner.

Section 17.Certain powers of Central Government or Government companies.

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 the claims.

Section 22.Disbursement of money by the Commissioner.

Section 23.Disbursement of amounts to the two companies.

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

MISCELLANEOUS

Section 25.Act to have overriding effect.

Section 26.Contracts to cease to have effect unless ratified by the Central Government or Government companies.

Section 27.Penalties.

Section 28.Offences by companies.

Section 29.Protection of action taken in good faith.

Section 30.Delegation of powers.

Section 31.Power to make rules.

Section 32.Power to remove difficulties.

Section 33.Repeal and saving.