Bare Act Search Results

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Complete Act

Title: Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002

State: Central

Year: 2002

..... Chapter 5 Section12 - Concession, etc. to be deemed to have been granted to specified undertaking Section13 - Tax exemption or benefit to continue to have effect Section14 - Exemption from stamp duty Section15 - Guarantee to be operative Section16 - Protection of action taken in good faith Section17 - Shares, bonds, debentures and units to be deemed to be approved securities Section18 - Substitution in every Act, rule, regulation or notification by specified company or Administrator in place of Trust Section19 - Power of Central Government to alter Schedules. I and II Section20 - Power of Central Government to make scheme Section21 - Repeal and saving of Act 52 of 1963 Section22 - Act to have overriding effect Section23 - Application of other laws not barred Section24 - Power to remove difficulties Section25 - Repeal and saving Schedule1 - SCHEDULE I Schedule2 - SCHEDULE II

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 2

Title: Transfer and Vesting of the Undertaking of Trust in the Specified Company and Transfer and Vesting of the Specified Undertaking of Trust in the Administrator

State: Central

Year: 2002

.....in which the undertaking or specified undertaking has vested by virtue of this Act as it might have been enforced by or against the Trust if this Act had not been enacted and shall cease to be enforceable by or against the Trust. Section 6 - Provisions in respect of officers and other employees of Trust (1) Every officer or other employee of the Trust (except a trustee of the Board, the Chairman and executive trustee) serving in the employment immediately before the appointed day shall become, as from the appointed day, an officer or, as the case may be, other employee of the specified company and shall hold his office or service therein by the same tenure, at the same remuneration, upon the same terms and conditions, with the same obligations and with the same rights and privileges as to leave, leave fare concession, welfare scheme, medical benefit scheme, insurance, provident fund, other funds retirement, voluntary retirement, gratuity and other benefits as he would have held under the Trust if its undertaking had not vested in the specified company and shall continue to do so as an officer or, as the case may be, other employee of the specified company or until the.....

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 3

Title: Appointment of Administrator to Manage the Specified Undertaking of the Trust

State: Central

Year: 2002

.....agreements relating to specified undertaking entered into by the Trust in relation to its administration and in force immediately before that day. (7) The Administrator shall receive from the funds of the specified undertaking such remuneration as the Central Government may fix. Section 8 - Administrator to vacate office (1) The Administrator shall, immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to investors, shall vacate his office; but nothing in this sub-section shall be construed as prohibiting his appointment as a member of the Board of Advisers after vacation of his office as such. (2) On the vacation of his office, the Administrator shall forthwith deliver, to the Central Government or any institution or officer specified by it, possession of all assets and properties representing and relatable to the specified undertaking which are in his possession, custody and control on the date immediately preceding the date on which he vacates his office as the Administrator.

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Section 7

Title: Appointment of Administrator to Manage Specified Undertaking

State: Central

Year: 2002

.....of the specified undertaking or in relation to any matter arising in the course of such management. (3) Subject to the other provisions of this Act and the Schemes made thereunder and the control of the Central Government, the Administrator shall be entitled, notwithstanding anything contained in any other law for the time being in force, to exercise, in relation to the management of the specified undertaking, the powers specified under section 10 including powers to dispose of any property or assets of such specified undertaking whether such powers are derived under any law for the time being in force. (4) Every person having possession, custody or control of any property forming part of the specified undertaking of the Trust shall deliver forthwith such property to the Administrator. (5) Any person who, on the appointed day, has in his possession or under his control any books, papers or other documents relating to the specified undertaking, including the minutes book containing the resolutions of the persons in charge of the management of the specified undertaking before the appointed day, the current cheque book relating to the specified undertaking, any letters,.....

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Section 5

Title: General Effect of Vesting of Undertaking or Specified Undertaking in Specified Company or Administrator

State: Central

Year: 2002

.....units shall be distributed and such units shall be redeemed or purchased by them in the same manner as would have been done by the Trust had the undertaking or the specified undertaking not been transferred under section 4. (4) Any proceeding or cause of action pending or existing immediately before the appointed day by or against the Trust may, as from the appointed day, be continued and enforced by or against the specified company or the Administrator, as the case may be, in which the undertaking or specified undertaking has vested by virtue of this Act as it might have been enforced by or against the Trust if this Act had not been enacted and shall cease to be enforceable by or against the Trust.

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Section 4

Title: Undertaking of Trust to Vest in Specified Company and Specified Undertaking of Trust to Vest in Administrator

State: Central

Year: 2002

(1) On such date as the Central Government may, by notification in the Official Gazette, appoint, there shall be transferred to, and vest in,-- (a) the specified company, the undertaking (excluding the specified undertaking) of the Trust for such consideration and on such terms and conditions as may be mutually agreed upon between the Central Government and the subscribers to the capital of the specified company; (b) the Administrator, the specified undertaking of the Trust. (2) The decision of the Central Government, as to whether any business, assets, liabilities or properties represent or relate to the undertaking or specified undertaking, shall be final: PROVIDED THAT any business, asset or property which is not represented or related to the undertaking or specified undertaking, shall vest in the Central Government.

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Preamble 1

Title: The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002

State: Central

Year: 2002

THE UNIT TRUST OF INDIA (TRANSFER OF UNDERTAKING AND REPEAL) ACT, 2002 [Act, No. 58 of 2002 ] [ 17 th December, 2002 ] PREAMBLE 1[An Act to provide for the transfer and vesting of the undertaking (excluding the specified undertaking) of the Unit Trust of India to the specified company to be formed and registered under the Companies Act, 1956 , and the transfer and vesting of the specified undertaking of the Unit Trust of India in the Administrator and for matters connected therewith or incidental thereto and also to repeal the Unit Trust of India Act, 1963 . B e it enacted by Parliament in the Fifty-third Year of the Republic of India as follows :-- ___________________________ 1 .Received the assent of the President on 17th December, 2002, published in the Gazette of India, Extraordinary, Pt. II, section 1, dated 18th December, 2002.

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Section 12

Title: Concession, Etc. to Be Deemed to Have Been Granted to Specified Undertaking

State: Central

Year: 2002

With effect from the appointed day, all fiscal and other concessions, licences, benefits, privilege and exemptions granted to the Trust in connection with the affairs and business of the specified undertaking of the Trust under any law for the time being in force shall be deemed to have been granted in relation to the specified undertaking.

Trust of India (Transfer of Undertaking and Repeal) Act, 2002 Complete Act

State: Central

Year: 2002

.....of the Unit Trust of India in the Administrator and for matters connected therewith or incidental thereto and also to repeal the Unit Trust of India Act, 1963 Be it enacted by Parliament in the Fifty-third Year of the Republic of India as follows:" CHAPTER 1 PRELIMINARY SECTION 01: SHORT TITLE AND COMMENCEMENT (1) This Act may be called the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002. (2) It shall be deemed to have come into force on the 29th day of October, 2002. SECTION 02: DEFINITIONS In this Act, unless the context otherwise requires, (a) "Administrator" means a person or a body of persons appointed as Administrator under Section 7; (b) "appointed day" means such date as the Central Government may, by notification in the Official Gazette, appoint under Section 4; (c) "bank" shall have the meaning assigned to it in clause (d) of Section 2 ot the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 ot 1993); (d) "Development Bank" means the Industrial Development Bank of India established under the Industrial Development Bank of India Act, 1964 (18 of 1964); (e) "financial institution" shall have the meaning assigned to it in clause (h).....

Unit Trust of India (Transfer of Undertaking and Repeal) Act,2002 Chapter 5

Title: Miscellaneous

State: Central

Year: 2002

.....and vesting of the undertaking and the specified undertaking in terms of section 4 shall not be liable to the payment of any stamp duty under that Act. Section 15 - Guarantee to be operative Any guarantee given for or in favour of the Trust with respect to any loan, lease, finance or other assistance shall continue to be operative in relation to the specified undertaking managed by the Administrator. Section 16 - Protection of action taken in good faith No suit or other legal proceedings shall lie against the Central Government or the Administrator, Board of Advisers or any of the officers or other employees of the Central Government for any damage cause or likely to be caused by anything which is in good faith done or intended to be done under this Act. Section 17 - Shares, bonds, debentures and units to be deemed to be approved securities Notwithstanding anything contained in any other law for the time being in force, the shares, bonds, debentures and units of the specified undertaking shall be deemed to be approved securities for the purposes of the Indian Trusts Act, 1882 (2 of 1882) the Insurance Act, 1938 (4 of 1938), and the Banking Regulation Act, 1949. .....