Section 8
Payment of amounts.
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)For the transfer to, and vesting in, the Central Government, of the
shares of the Sikkim Bank under section 3, there shall be given by the Central Government to the holders
of such shares in cash and in the manner specified in the Schedule, an amount of rupees eight lakhs
twelve thousand two hundred and ninety-five.
(2)The amount specified in sub-section (1) shall carry simple interest at the rate of five and a half per cent. per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made to the shareholders.
(2)The amount specified in sub-section (1) shall carry simple interest at the rate of five and a half per cent. per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made to the shareholders.