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State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Complete Act

Title: State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982

State: Central

Year: 1982

.....V Section9 - Management etc., of the undertakings of Sikkim Bank Section10 - Date of delivery possession of property acquired and documents relating thereto ChapterVI - PROVISIONS RELATING TO THE EMPLOYEES OF THE SIKKIM BANK Section11 - Transfer of service of existing officers and employees of the Sikkim Bank to the co-operative bank Chapter VII Section12 - Act to have overriding effect Section13 - Protection of action taken in good faith Section14 - Penalties Section15 - Offences by companies Section16 - Delegation of powers Section17 - Power of Central Government to make rules Section18 - Power to remove difficulties Section19 - References to Sikkim Bank in Other laws Section20 - Dissolution of Sikkim Bank Schedule1 - SCHEDULE

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Preamble 1

Title: State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982

State: Central

Year: 1982

THE STATE BANK OF SIKKIM (ACQUISITION OF SHARES) AND MISCELLANEOUS PROVISIONS ACT, 1982 [Act, No. 62 of 1982] [6th November, 1982] PREAMBLE An Act to provide, in the public interest, for the acquisition of certain shares of the State Bank of Sikkim for the purpose of better consolidation and extension of banking facilities in the State of Sikkim and for matters connected therewith or incidental thereto. WHEREAS for the purpose of better consolidation and extension of banking facilities in the State of Sikkim, it is expedient to provide for a single apex banking institution in that State, and for that purpose to provide for the acquisition of certain shares of the State Bank of Sikkim and for matters connected therewith or incidental thereto; BE it enacted by Parliament in the Thirty-third Year of the Republic of India as follows:-

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 6

Title: Vesting of the Shares and Undertakings of Sikkim Bank in the State Government

State: Central

Year: 1982

(1) Notwithstanding anything contained in sections 3, 4 and 5, the Central Government shall as soon as may be, after the commencement of this act, direct by notification that the shares of the Sikkim Bank which have vested in the Central Government under section 3 and the undertakings of the Sikkim Bank which have vested in the Central Government under section 4 shall, instead of continuing to vest in the Central Government, vest in the State Government of Sikkim, on the date of the notification. (2) Where the shares and the undertakings of the Sikkim Bank vest in the State Government under sub-section (1), the State Government shall, on and from the date of such vesting be deemed to have become the owner in relation to such shares and undertakings and all the rights and liabilities of the Central Government in relation to such shares and undertakings shall, on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of the State Government.

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 7

Title: Power of State Government to Direct Vesting of the Undertakings of Sikkim Bank the Sikkim Co-operative Bank

State: Central

Year: 1982

.....complied, with such terms and conditions as that Government may think fit to impose, including the terms and conditions regarding allotment of its shares, direct, by notification that the undertakings of the Sikkim Bank which have vested in the Central Government under section 4 and thereafter in the State Government under section 6, shall instead of continuing to vest in the State Government, vest in the co-operative bank either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as maybe specified in the notification. (2) Where the undertakings of the Sikkim Bank vest in the co-operative bank under sub-section (1) that bank shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the Central Government or the State Government in relation to such undertakings shall, on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of the co-operative bank.

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Complete Act

State: Central

Year: 1982

.....obligations of whatever kind then subsisting of the Sikkim Bank in relation to its undertakings. (2) Unless otherwise expressly provided in this Act, all contracts deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the Sikkim Bank is a party or which are in favour of the said Bank shall be of as full force and effect against or in favour of the Central Government. (3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertakings which have been transferred underSection 4-is pending by or against the Sikkim Bank, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of the transfer of the undertakings of the Sikkim Bank: or of anything contained in this Act, but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the Central Government. SECTION 06: VESTING OF THE SHARES AND UNDERTAKINGS OF SIKKIM BANK IN THE STATE GOVERNMENT (1) Notwithstanding anything contained in sections 3-,4-and5-,.....

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Chapter VII

Title: Miscellaneous

State: Central

Year: 1982

.....or the co-operative bank, for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act. Section 14 - Penalties Any person who,- (a) having in his possession custody or control any property forming part of the undertakings of the Sikkim Bank, wrongfully withholds such property from the Central Government, or the State Government or the co-operative bank; or (b) wrongfully obtains possession of or retains any property forming part of any undertaking of the Sikkim Bank or wilfully withholds or fails to furnish to the Central Government or the State Government or the co-operative bank, or any person or body of persons specified, by that Government or the State Government or the co-operative bank any document relating to such undertaking which may be in his possession custody, or control or fails to deliver to the Central Government, or the State Government or the co-operative bank or any person or body of persons specified by the Central Government or the State Government or the co-operative bank, any assets, books of account, registers or other documents in his possession custody or control, relating to the.....

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 13

Title: Protection of Action Taken in Good Faith

State: Central

Year: 1982

(1) No suit, prosecution or other legal proceeding shall lie against the Central Government or any officer of that Government or the State Government, or the co-operative bank or other officer of the State Government or the co-operative bank or other person authorised by the Central Government or the State Government or the co-operative bank, for anything which is good faith done or intended to be done under this Act. (2) No suit or other legal proceeding shall lie against the Central Government or any officer or other employee of that Government or the State Government or the co-operative bank or any officer or other employee of the state Government or of the co-operative bank or other person authorised by the State Government or the co-operative bank, for any damage caused or likely to be caused by anything which is in good faith done or intended to be done under this Act.

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 11

Title: Transfer of Service of Existing Officers and Employees of the Sikkim Bank to the Co-operative Bank

State: Central

Year: 1982

.....whether he has so observed such conditions the question shall be determined by the State Government. (3) Notwithstanding anything contained in sub-section (1) or sub-section (2) no appointment made or promotion, increment in salary, pension allowance or any other benefit granted to any person after the 16th day of November 1976, and before the appointed day which would not ordinarily have been made or granted or which would not ordinarily have been admissible under the rules or authorisation of the Sikkim, Bank or of any provident fund or other fund in force prior to the 16th day of November 1976., shall have effect or be payable or claimable from the co-operative bank or from any provident fund, pension or other fund or from any authority administering the fund, unless the State Government has by general or special order, confirmed the appointment promotion or increment or has directed the continued grant of the pension allowance or other benefit as the case may be. (4) Notwithstanding anything contained in the Industrial Disputes Act.1947 (14 of 1947), or in any other law for the time being in force, the transfer of the services of any officer or other employee of the.....

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Section 10

Title: Date of Delivery Possession of Property Acquired and Documents Relating Thereto

State: Central

Year: 1982

(1) On the vesting of the undertakings of the Sikkim Bank in the State Government under section 6, every person in whose possession or custody or under whose control any property referred to in sub-section (1) of section 5 may be shall deliver the property to the State Government forthwith (2) Any person who, on the appointed day, has in his possession or under his control any books documents or other papers relating to the undertakings of the Sikkim Bank which have vested in the State Government under section 6 and which belong to that Bank, or would have so belonged if the undertakings of the Sikkim Bank had not vested in the State Government shall be liable to account for the said books, documents or other papers to the State Government and shall deliver them up to the State Government. (3) The State Government may take or cause to be taken, all necessary steps for securing possession of all properties which have vested in that Government under this Act.

State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 Chapter V

Title: Management, Etc, of the Undertakings of Sikkim Bank

State: Central

Year: 1982

.....4 in the Central Government and under section 6in the State Government shall, where a direction has been made by the State Government under sub-section (1) of section 7, vest in the co-operative bank specified in such direction and thereupon, the co-operative bank shall be entitled too exercise all such powers and do all such things as the Sikkim Bank is authorised to exercise and do in relation to its undertakings. Section 10 - Date of delivery possession of property acquired and documents relating thereto (1) On the vesting of the undertakings of the Sikkim Bank in the State Government under section 6, every person in whose possession or custody or under whose control any property referred to in sub-section (1) of section 5 may be shall deliver the property to the State Government forthwith (2) Any person who, on the appointed day, has in his possession or under his control any books documents or other papers relating to the undertakings of the Sikkim Bank which have vested in the State Government under section 6 and which belong to that Bank, or would have so belonged if the undertakings of the Sikkim Bank had not vested in the State Government shall be liable to.....