Act 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.

  • Ministry of Finance
  • Department of Financial Services
  • Enacted 1982-11-06
  • 20 sections
SectionTitle
1 Short title and commencement. Read
2 Definitions. Read
3 Vesting in the Central Government of certain shares of Sikkim. Read
4 Vesting of undertaking of Sikkim Bank. Read
5 General effect of vesting. Read
6 Vesting of the shares and undertakings of Sikkim Bank in the State Government. Read
7 Power of State Government to direct vesting of the undertakings of Sikkim Bank the Sikkim Co-operative bank. Read
8 Payment of amounts. Read
9 Management, etc., of the undertakings of Sikkim Bank.Read
10 Date of delivery, possession of property acquired and documents relating thereto.Read
11 Transfer of service of existing officers and employees of the Sikkim Bank to the co-operative bank. Read
12 Act to have overriding effect. Read
13 Protection of action taken in good faith. Read
14 Penalties. Read
15 Offences by companies. Read
16 Delegation of powers. Read
17 Power of Central Government to make rules. Read
18 Power to remove difficulties. Read
19 References to Sikkim Bank in other laws. Read
20 Dissolution of Sikkim Bank. Read
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