The National Company Limited (Acquisition and Transfer of Undertakings) Act

Short title and commencement

Definitions

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

General effect of vesting

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

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

Company to be liable for certain prior liabilities

Payment of amount

Payment of further amount

Management, etc., of the undertakings of the Company

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

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

Continuance of employees

Provident fund and other funds

Appointment of Commissioner of Payments

Payment by the Central Government to the Commissioner

Certain powers of the Central Government or Government company

Claims to be made to the Commissioner

Priority of claims

Examination of claims

Admission or rejection of claims

Disbursement of money by the Commissioner

Disbursement of amounts to the Company

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

Act to have overriding effect

Assumption of liability

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

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

Penalties

Offences by companies

Protection of action taken in good faith

Delegation of powers

Power to make rules

Power to remove difficulties

Repeal and saving

All sections

(1) This Act may be called the National Company Limited
(Acquisition and Transfer of Undertakings) Act, 1980.

(2) The provisions of sections 29 and 30 shall come into force at once and the remaining provisions of
this Act shall be deemed to have come into force on the 27th day of April, 1980.

LAWGIST

# 1 Short title and commencement