THE STATE BANK OF SIKKIM (ACQUISITION OF SHARES) AND MISCELLANEOUS PROVISIONS ACT, 1982

ACT NO. 62 OF 1982 · Enacted [6th November, 1982.] · 20 sections

PRELIMINARY

Section 1.Short title and commencement.

Section 2.Definitions.

ACQUISITION AND TRANSFER OF CERTAIN SHARES OF SIKKIM BANK

Section 3.Vesting in the Central Government of certain shares of Sikkim.

VESTING OF UNDERTAKINGS OF SIKKIM BANK IN THE CENTRAL GOVERNMENT

Section 4.Vesting of undertaking of Sikkim Bank.

Section 5.General effect of vesting.

Section 6.Vesting of the shares and undertakings of Sikkim Bank in the State Government.

Section 7.Power of State Government to direct vesting of the undertakings of Sikkim Bank the Sikkim Co-operative bank.

PAYMENT OF AMOUNTS

Section 8.Payment of amounts.

MANAGEMENT, ETC., OF THE UNDERTAKINGS OF SIKK

Section 9.Management, etc., of the undertakings of Sikkim Bank.

Section 10.Date of delivery, possession of property acquired and documents relating thereto.

PROVISIONS RELATING TO THE EMPLOYEES OF THE SIKKIM BANK

Section 11.Transfer of service of existing officers and employees of the Sikkim Bank to the co-operative bank.

MISCELLANEOUS

Section 12.Act to have overriding effect.

Section 13.Protection of action taken in good faith.

Section 14.Penalties.

Section 15.Offences by companies.

Section 16.Delegation of powers.

Section 17.Power of Central Government to make rules.

Section 18.Power to remove difficulties.

Section 19.References to Sikkim Bank in other laws.

Section 20.Dissolution of Sikkim Bank.