The Air Corporations (Transfer of Undertakings and Repeal) Act

Short title and commencement

Definitions

Undertakings of corporations to vest in companies

General effect of vesting of undertakings in the companies

Licences, etc., to be deemed to have been granted to companies

Tax exemption or benefit to continue to have effect

Guarantee to be operative

Provisions in respect of officers and other employees of corporations

Power of Central Government to give directions

Power to remove difficulties

Repeal of Act 27 of 1953 and cesser of corporations

Repeal and saving

All sections

On such date as the Central Government
may, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in,--

(a) Indian Airlines Limited, the undertaking of Indian Airlines; and

(b) Air India Limited, the undertaking of Air India. 

LAWGIST

# 3 Undertakings of corporations to vest in companies