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The National Company Ltd. (Acquisition and Transfer of Undertakings) Act, 1980

[Act No. 42 of 1980]

[19th July, 1980.]

Contents
Sections Chaptericulars
Title The National Company Ltd. (Acquisition and Transfer of Undertakings) Act
Chapter I Preliminary
1. Short title and commencement
2. Definitions
Chapter II Acquisition and Transfer of The Undertakings of The Company
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
Chapter III Payment of Amounts
8. Payment of amount
9. Payment of further amount
Chapter IV Management, Etc., of The Undertakings of The Company
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
Chapter V Provisions Relating to The Employees of The Company
13. Continuance of employees
14. Provident fund and other funds
Chapter VI Commissioner of Payments
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
Chapter VII Miscellaneous
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
The Schedule Order of Priorities


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