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The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977

Act No. 41 of 1977

[17th December, 1977.]

Contents
Title The Smith, Stanistreet and Company Limited (Acquisition and Transfer of Undertakings) Act, 1977
Sections Particulars
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 Central Government of the undertakings of the Company
4. General effect of vesting
5. Central Government or Government company not to be liable for prior liabilities
6. Power of Central Government to direct vesting of the undertakings of the Company in a Government company
Chapter III Payment of Amounts
7. Payment of amount
8. Payment of further amount
Chapter IV Management, Etc., of The Undertakings Of The Company
9. Management, etc., of the undertakings of the Company
10. Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
11. Accounts and audit
Chapter V Provisions Relating to the Employees of the Company
12. Employment of employees to continue
13. Provident fund and other funds
Chapter VI Commissioner of Payments
14. Appointment of Commissioner of Payments
15. Payment by the Central Government to the Commissioner
16. Certain powers of the Central Government or Government company
17. Claims to be made to the Commissioner
18. Priority of claims
19. Examination of claims
20. Admission or rejection of claims
21. Disbursement of money by Commissioner to claimants
22. Disbursement of amounts to the Company
23. Undisbursed or unclaimed amount to be deposited with the general revenue account
24. Assumption of liability
Chapter VII Miscellaneous
25. Act to have overriding effect
26. Contracts to cease to have effect unless ratified by the Central Government or Government company
27. Penalties
28. Offences by companies
29. Protection of action taken in good faith
30. Delegation of powers
31. Power to make rules
32. Power to remove difficulties
33. Declaration as to policy of the State
34. Repeal and saving
The Schedule Order of Priorities for the Discharge of Liabilities of the Company


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