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

Central

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.

Act number
58 of 2002
Ministry
Ministry of Finance
Department
Department of Investment and Public Asset Management
Enacted
17 Dec 2002

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

25 sections

  1. Section 1Short title and commencement.
  2. Section 2Definitions.
  3. Section 3Transfer of initial capital.
  4. Section 4Undertaking of Trust to vest in specified company and specified undertaking of Trust to vest in Administrator.
  5. Section 5General effect of vesting of undertaking or specified undertaking in specified company or Administrator.
  6. Section 6Provisions in respect of officers and other employees of Trust.
  7. Section 7Appointment of Administrator to manage specified undertaking.
  8. Section 8Administrator to vacate office.
  9. Section 9Board of Advisers.
  10. Section 10Powers and functions of Administrator.
  11. Section 11Maintenance of accounts by Administrator.
  12. Section 12Concession, etc., to be deemed to have been granted to specified undertaking.
  13. Section 13Tax exemption or benefit to continue to have effect.
  14. Section 14Exemption from stamp duty.
  15. Section 15Guarantee to be operative.
  16. Section 16Protection of action taken in good faith.
  17. Section 17Shares, bonds, debentures and units to be deemed to be approved securities.
  18. Section 18Substitution in every Act, rule, regulation or notification by specified company or Administrator in place of Trust.
  19. Section 19Power of Central Government to alter Schedules I and II.
  20. Section 20Power of Central Government to make Scheme.
  21. Section 21Repeal and saving of Act 52 of 1963.
  22. Section 22Act to have overriding effect.
  23. Section 23Application of other laws not barred.
  24. Section 24Power to remove difficulties.
  25. Section 25Repeal and saving.