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Section 8: Administrator to vacate office.

The Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002Central Act · Act 58 of 2002

(1) The Administrator shall, immediately on redemption of all the schemes of the specified undertaking and the payment of entire amount to [investors or from such date as may be notified by the Central Government in the Official Gazette, whichever is earlier,] 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.

Where this provision sits

ActThe Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002
Section8
Marginal noteAdministrator to vacate office.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 8 of 2023. . Subs. by Act 8 of 2023, s. 173, for "investors, shall" (w.e.f. 1-4-2023).

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