Act Info:Preamble1 - NATIONAL COMPANY LIMITED (ACQUISITION AND TRANSFER OF UNDERTAKINGS) ACT, 1980
Chapter I
Section1 - Short title and commencement
Section2 - Definitions
Chapter II
Section3 - Transfer to, and vesting in, the Central Government of the undertakings of the Company
Section4 - General effect of vesting
Section5 - Power of Central Government to direct vesting of the undertakings of the Company in an existing Government company
Section6 - Transfer of undertakings of the Company from an existing Government company to a new Government company
Section7 - Company to be liable for certain prior liabilities
Chapter III
Section8 - Payment of amount
Section9 - Payment of further amount
Chapter IV
Section10 - Management, etc., of the undertakings of the Company
Section11 - Duty of persons in charge of management of the undertakings of the Company to deliver all assets, etc.
Section12 - Duty of persons to account for assets, etc., in their possession
Chapter V
Section13 - Continuance of employees
Section14 - Provident fund and other funds
Chapter VI
Section15 - Appointment of Commissioner of Payments
Section16 - Payment by the Central Government to the Commissioner
Section17 - Certain powers of the Central Government or Government company
Section18 - Claims to be made to the Commissioner
Section19 - Priority of claims
Section20 - Examination of claims
Section21 - Admission or rejection of claims
Section22 - Disbursement of money by the Commissioner
Section23 - Disbursement of amounts to the Company
Section24 - Undisbursed or unclaimed amount to be deposited with the general revenue accounts
Chapter VII
Section25 - Act to have overriding effect
Section26 - Assumption of liability
Section27 - Management to continue to vest in the Custodian until alternative arrangements have been made
Section28 - Contracts to cease to have effect unless ratified by the Central Government or the Government company
Section29 - Penalties
Section30 - Offences by Companies
Section31 - Protection of action taken in good faith
Section32 - Delegation of powers
Section33 - Power to make rules
Section34 - Power to remove difficulties
Section35 - Repeal and saving
ScheduleI - SCHEDULE