Section 9
Management, etc., of the undertakings of Sikkim Bank.
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) The State Government in which
the undertakings of the Sikkim Bank have vested under section 6 shall be entitled to exercise all such
powers and do all such things as the Sikkim Bank is authorised to exercise and do in relation to its
undertakings.
(2) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Sikkim Bank which have vested under section 4 in the Central Government and under section 6in the State Government shall, where a direction has been made by the State Government under sub-section (1) of section 7, vest in the co-operative bank specified in such direction, and, thereupon, the co-operative bank shall be entitled to exercise all such powers and do all such things as the Sikkim Bank is authorised to exercise and do in relation to its undertakings.
(2) The general superintendence, direction, control and management of the affairs and business of the undertakings of the Sikkim Bank which have vested under section 4 in the Central Government and under section 6in the State Government shall, where a direction has been made by the State Government under sub-section (1) of section 7, vest in the co-operative bank specified in such direction, and, thereupon, the co-operative bank shall be entitled to exercise all such powers and do all such things as the Sikkim Bank is authorised to exercise and do in relation to its undertakings.