Section 14
Compensation payable by the State Bank in respect of the Bank of Patiala and the Hyderabad Bank. Repealed
The State Bank of India (Subsidiary Banks) Act, 1959
About this Act
An Act to provide for the formation of certain Government or Government associated banks as subsidiaries of the State Bank of India and for the constitution, management and control of the subsidiary banks so formed, and for matters connected therewith, or incidental thereto.
14. Compensation payable by the State Bank in respect of the Bank of Patiala 1
*** and the
Hyderabad Bank.--(1) The State Government of Punjab in respect of the Bank of Patiala, the 2
***
and the Reserve Bank in respect of the Hyderabad Bank, shall be given, by reason of the provisions of
this Act or of the amendments contained in Part V or Part VII of the Third Schedule, such
compensation by the State Bank as is determined in accordance with the principles contained in the
First Schedule.
(2) The amount of compensation to be given in accordance with the principles contained in the First Schedule shall be determined in the first instance by the State Bank, and shall be offered by it to the State Government of Punjab 3 *** or the Reserve Bank, as the case may be, in full satisfaction of the compensation payable under sub-section (1):
Provided that in determining the amount of compensation to be offered to the State Government of Punjab 4 ***, the State Bank shall consult the Reserve Bank.
(3) If the amount of compensation offered by the State Bank in terms of sub-section (2) is not acceptable to the State Government of Punjab 3 *** or the Reserve Bank as the case may be, the State Government concerned or the Reserve Bank, may before such date as may be notified by the Central Government in the Official Gazette, request the Central Government to have the matter referred to the Tribunal for decision, and where any such request is received, the Central Government shall refer the matter accordingly.
(4) If, before the date notified under sub-section (3), the State Government of Punjab 3 *** or the Reserve Bank, as the case may be, has not made any such request, the amount of compensation offered by the State Bank, and where a reference has been made to the Tribunal, the amount determined by it, shall be the compensation payable under sub-section (1) and shall be final and binding on all parties concerned.
(5) The amount of compensation shall be paid by a cheque drawn on the Reserve Bank.
(2) The amount of compensation to be given in accordance with the principles contained in the First Schedule shall be determined in the first instance by the State Bank, and shall be offered by it to the State Government of Punjab 3 *** or the Reserve Bank, as the case may be, in full satisfaction of the compensation payable under sub-section (1):
Provided that in determining the amount of compensation to be offered to the State Government of Punjab 4 ***, the State Bank shall consult the Reserve Bank.
(3) If the amount of compensation offered by the State Bank in terms of sub-section (2) is not acceptable to the State Government of Punjab 3 *** or the Reserve Bank as the case may be, the State Government concerned or the Reserve Bank, may before such date as may be notified by the Central Government in the Official Gazette, request the Central Government to have the matter referred to the Tribunal for decision, and where any such request is received, the Central Government shall refer the matter accordingly.
(4) If, before the date notified under sub-section (3), the State Government of Punjab 3 *** or the Reserve Bank, as the case may be, has not made any such request, the amount of compensation offered by the State Bank, and where a reference has been made to the Tribunal, the amount determined by it, shall be the compensation payable under sub-section (1) and shall be final and binding on all parties concerned.
(5) The amount of compensation shall be paid by a cheque drawn on the Reserve Bank.
Notes
1. The words ", the Saurashtra Bank" omitted by Act 48 of 2009, s. 4 (w.e.f. 1-6-2010).
2. The words ", the State Government of Gujarat in respect of the Saurashtra Bank" omitted by s. 4, ibid. (w.e.f. 1-6-2010).
3.The words " , the State Government of Gujarat," omitted by s. 4, ibid. (w.e.f. 1-6-2010).
4. The words "or the State Government of Gujarat" omitted by s. 4, ibid. (w.e.f. 1-6-2010).
2. The words ", the State Government of Gujarat in respect of the Saurashtra Bank" omitted by s. 4, ibid. (w.e.f. 1-6-2010).
3.The words " , the State Government of Gujarat," omitted by s. 4, ibid. (w.e.f. 1-6-2010).
4. The words "or the State Government of Gujarat" omitted by s. 4, ibid. (w.e.f. 1-6-2010).