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CentralAct 58 of 2002

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

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.

Sections

25 in this Act

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