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

Central

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.

Act number
62 of 1982
Ministry
Ministry of Finance
Department
Department of Financial Services
Enacted
6 Nov 1982

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

20 sections

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