Chapter II
Acquisition of the shares of the Company
Sections in this chapter
- Section 3 — Transfer and vesting of shares of the Company in the State Government.
- Section 4 — (1) On the vesting of the shares of the Company in the State
- Section 5 — Subject to the direction and control of the State Government, the Management
- Section 6 — Government by such person as may be appointed by the State Government in this behalf.
- Section 7 — Appointment of Commissioner of Payments.
- Section 8 — (1) The State Government shall, within thirty days from the
- Section 9 — Claims to be made to the Commissioner.
- Section 10 — On receipt of the claims made under section 9, the Commissioner shall separately arrange the claims in relation to preference shares and in relation to equity shares and examine the claims in relation to each such share.
- Section 11 — (1) After examining the claims, the Commissioner shall fix a
- Section 12 — inspection.
- Section 13 — Any money paid to the Commissioner which remains undisbursed or unclaimed on the date immediately preceding the date on which the office of the Commissioner is finally wound up shall be transferred by the Commissioner to the general revenue account of the State Government; but a claim to any money so transferred may be preferred to the State Government by the person entitled to such payment and shall be dealt with as if such transfer had not been made, the order, if any, for payment of the claim being treated as an order for the refund of revenue.
- Section 14 — For the purposes of ascertaining whether any person claiming payment under this Act is a shareholder, the State Government shall have the right to
- Section 15 — The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any law, other than this Act, or in any instrument having effect by virtue of any law, other than this Act.
- Section 16 — No suit, prosecution or other legal proceeding shall lie against the State Government or any officer of that Government or any officer or other person authorised by that Government for anything which is in good faith done or intended to be done under this Act.
- Section 17 — Protection of action taken in good faith.
- Section 18 — If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty:
- Section 19 — Provided that no such order shall be made after the expiry of a period of two years from the appointed day.