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CentralAct 62 of 1982

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

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.

Sections

20 in this Act

  1. 1Short title and commencement
  2. 2Definitions
  3. 3Vesting in the Central Government of certain shares of Sikkim
  4. 4Vesting of undertaking of Sikkim Bank
  5. 5General effect of vesting
  6. 6Vesting of the shares and undertakings of Sikkim Bank in the State Government
  7. 7Power of State Government to direct vesting of the undertakings of Sikkim Bank the Sikkim Co-operative bank
  8. 8Payment of amounts
  9. 9Management, etc., of the undertakings of Sikkim Bank
  10. 10Date of delivery, possession of property acquired and documents relating thereto
  11. 11Transfer of service of existing officers and employees of the Sikkim Bank to the co-operative bank
  12. 12Act to have overriding effect
  13. 13Protection of action taken in good faith
  14. 14Penalties
  15. 15Offences by companies
  16. 16Delegation of powers
  17. 17Power of Central Government to make rules
  18. 18Power to remove difficulties
  19. 19References to Sikkim Bank in other laws
  20. 20Dissolution of Sikkim Bank