Section 6
Vesting of the shares and undertakings of Sikkim Bank in the State Government.
The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982
About this Act
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.
(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.
(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.