Unit Trust of India (Transfer of Undertaking and Repeal) Act : Undertaking of Trust to vest in

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

Act No : 58

Section : Undertaking of Trust to vest in specified company and specifiedundertaking of Trust to vest in Administrator.

4. Undertaking of Trust to vest in specified company and specified undertaking of Trust to vest in Administrator.-(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 th 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.