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

An Act to provide for the acquisition and transfer of the undertakings of Messrs. National Company Limited with a view to securing the proper management of such undertakings so as to subserve the interests of the general public by ensuring the continued manufacture, production and distribution of articles made of jute, which are essential to the needs of the economy of the country and for matters connected therewith or incidental thereto.

The National Company Limited (Acquisition and Transfer of Undertakings) Act, 1980 has 35 sections in 7 chapters. Each link below opens the official text of that section. Official PDF on India Code.

Chapter I: PRELIMINARY

Section 1 – Short title and commencement
Section 2 – Definitions

Chapter II: ACQUISITION AND TRANSFER OF THE UNDERTAKINGS OF THE COMPANY

Section 3 – Transfer to, and vesting in, the Central Government of the undertakings of the Company
Section 4 – General effect of vesting
Section 5 – Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
Section 6 – Transfer of undertakings of the Company from an existing Government company to a new Government company
Section 7 – Company to be liable for certain prior liabilities

Chapter III: PAYMENT OF AMOUNTS

Section 8 – Payment of amount
Section 9 – Payment of further amount

Chapter IV: MANAGEMENT, ETC., OF THE UNDERTAKINGS OF THE COMPANY

Section 10 – Management, etc., of the undertakings of the Company
Section 11 – Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc
Section 12 – Duty of persons to account for assets, etc., in their possession

Chapter V: PROVISIONS RELATING TO THE EMPLOYEES OF THE COMPANY

Section 13 – Continuance of employees
Section 14 – Provident fund and other funds

Chapter VI: COMMISSIONER OF PAYMENTS

Section 15 – Appointment of Commissioner of Payments
Section 16 – Payment by the Central Government to the Commissioner
Section 17 – Certain powers of the Central Government or Government company
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 claims
Section 22 – Disbursement of money by the Commissioner
Section 23 – Disbursement of amounts to the Company
Section 24 – Undisbursed or unclaimed amount to be deposited with the general revenue account

Chapter VII: MISCELLANEOUS

Section 25 – Act to have overriding effect
Section 26 – Assumption of liability
Section 27 – Management to continue to vest in the Custodian until alternative arrangements have been made
Section 28 – Contracts to cease to have effect unless ratified by the Central Government or the Government company
Section 29 – Penalties
Section 30 – Offences by companies
Section 31 – Protection of action taken in good faith
Section 32 – Delegation of powers
Section 33 – Power to make rules
Section 34 – Power to remove difficulties
Section 35 – Repeal and saving