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

Act Number:42
Coming into Force:27 Apr 1980
Court:Ministry of Textiles
Record Number:198042
1
THE NATIONAL COMPANY LIMITED (ACQUISITION AND TRANSFER OF
UNDERTAKINGS) ACT, 1980
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ARRANGEMENT OF SECTIONS
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CHAPTER I
PRELIMINARY
SECTIONS
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.

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