Act Number: 38

Act Name: The State Bank of India (Subsidiary Banks) Act, 1959

Year: 1959

Enactment Date: 1959-09-10

Long Title: 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.

Ministry: Ministry of Finance

Department: Department of Financial Services

Section 50A: Bonus.
    1[50A. Bonus.--(1) No officer, adviser or other employee other than an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965 (21 of 1965) of a subsidiary bank shall be entitled to be paid any bonus.
     (2) No employee of a subsidiary bank, being an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965(21 of 1965), shall be entitled to be paid any bonus except in accordance with the provisions of that Act.
     (3) The provisions of this section shall have effect notwithstanding any judgment, decree or order of any court, tribunal or other authority and notwithstanding anything contained in any other provision of this Act or in the Industrial Disputes Act, 1947 (14 of 1947), or any other law for the time being in force or any practice, usage or custom or any contract, agreement, settlement, award or other instrument.]
Notes:
1. Ins. by Act 64 of 1984, s. 3 (w.e.f. 11-9-1984).
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