Vidhi Codex

Madras Race Club (Acquisition and Transfer of Undertaking) Act

The Madras Race Club (Acquisition and Transfer of Undertaking) Act, 1986

Corporate198633 sections7 chapters

The Madras Race Club (Acquisition and Transfer of Undertaking) Act, 1986 transfers the ownership, management, and properties of the Madras Race Club from private control to the State Government of Tamil Nadu. It directly applies to the club management, its employees, bookmakers, creditors, and government-appointed administrators like the Custodian and Commissioner of Payments. The law matters because it aimed to curb rampant mismanagement, factional disputes, and tax evasion from unrecorded betting that caused substantial revenue loss. By bringing horse racing under state supervision, the legislation sought to safeguard the public interest, protect racegoers, secure workers' jobs, and distribute economic resources fairly.

Start reading →Read full ActSections

Chapter I PRELIMINARY →

  1. 1Short title and commencement
  2. 2Declaration
  3. 3Definitions

Chapter II ACQUISITION AND TRANSFER OF THE UNDERTAKING →

  1. 4Transfer to, and vesting in, the Government of the undertaking of the club
  2. 5General effect of vesting
  3. 6Power of Government to direct vesting of the undertaking in a Government company
  4. 7Government or Government company not to be liable for prior liabilities

Chapter III PAYMENT OF AMOUNT →

  1. 8Payment of amount

Chapter IV MANAGEMENT, ETC., OF THE UNDERTAKING OF THE CLUB →

  1. 9Management, etc., of the undertaking of the club
  2. 10Duty of persons in charge of management of the undertaking to deliver all assets, etc
  3. 11Duty of persons to account for assets, etc., in their possession

Chapter V PROVISIONS RELATING TO THE EMPLOYEES OF THE UNDERTAKING →

  1. 12Continuance of employees
  2. 13Provident fund and other funds

Chapter VI COMMISSIONER OF PAYMENTS →

  1. 14Commissioner of Payments
  2. 15Payment by the Government to the Commissioner
  3. 16Certain powers of the Government or the Government company
  4. 17Claims to be made to the Commissioner
  5. 18Priority of claims
  6. 19Examination of claims
  7. 20Admission or rejection of claims
  8. 21Provided that where a person who is a Judge of a High Court is appointed to be the Commissioner, such appeal shall be heard and disposed of by not less than two Judges of the High Court.
  9. 22Disbursement of amounts to the club
  10. 23Undisbursed or unclaimed amount to be deposited with general revenue account

Chapter VII MISCELLANEOUS →

  1. 24Act to have overriding effect
  2. 25Assumption of liability
  3. 26Contracts to cease to have effect unless ratified by the Government or the Government company
  4. 27Penalties
  5. 28Offences by companies
  6. 29Limitation of cognizance of offences
  7. 30Protection of action taken in good faith
  8. 31Cognizance of offences
  9. 32Power to make rules
  10. 33Power to remove difficulties

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