The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982

(1) This Act may be called the State Bank of Sikkim(Acquisition of Shares) and Miscellaneous Provisions Act, 1982. (2) It shall come into force on such date as the Central Government may, by notification in theOfficial Gazette, appoint.

In this Act, unless the context otherwise requires,-- (a) "appointed day" means the date on which this Act comes into force; (b) "co-operative bank" means the Sikkim State Co-operative Bank Limited, a society registeredunder the Sikkim Co-operative Societies Act, 1978 (Sikkim Act No. 12 of 1978); (c) "notification" means a notification published in the Official Gazette; (d) "prescribed" means prescribed by rules made under this Act; (e) "Sikkim Bank" means the State Bank of Sikkim constituted under the State Bank of SikkimProclamation, 1968; (f) "State Government" means the State Government of Sikkim; (g) "United Commercial Bank" means the United Commercial Bank constituted under section 3of the Banking Companies (Acquisition and Transfer of Undertakings)Act, 1970 (5 of 1970); (h) words and expressions used herein and not defined but defined in the Companies Act, 1956(1 of 1956), shall have the meanings respectively assigned to them in that Act.

(1) On the appointedday, all the shares in the share capital of the State Bank of Sikkim, other than the shares held by the StateGovernment, shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government. (2) All the shares which have vested in the Central Government under sub-section (1) shall, by forceof such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens andother encumbrances affecting them, and any attachment or injunction or any decree or order of any court,tribunal or other authority restricting the use of such shares in any manner shall be deemed to have beenwithdrawn. (3) Notwithstanding the transfer of the shares of the Sikkim Bank to the Central Government undersub-section (1), any person holding such shares, who immediately before the appointed day is entitled topayment of dividend on such shares, shall be entitled to receive from the co-operative bank-- (a) all dividends accruing due on his shares in respect of the half-year which ended before theappointed day and remaining unpaid; (b) dividends calculated at a rate to be specified by the Central Government in respect of anyperiod immediately preceding the appointed day for which the Sikkim Bank had not declared anydividend.

On the appointed day, the undertakings of the SikkimBank shall, by virtue of this Act, stand transferred to, and shall vest in, the Central Government.

(1) The undertakings of the Sikkim Bank shall be deemed to includeall assets, rights, powers, authorities and privileges, and all property, movable and immovable, cashbalances, reserve funds, investments and all other rights and interests in, or arising out of, such propertyas were immediately before the appointed day in the ownership, possession, power or control of theSikkim Bank in relation to its undertakings, and all books of account, registers, records and all otherdocuments of whatever nature relating thereto and shall also be deemed to include all borrowings,liabilities and obligations of whatever kind then subsisting of the Sikkim Bank in relation to itsundertakings. (2) Unless otherwise expressly provided in this Act, all contracts, deeds, bonds, agreements, powersof attorney, grants of legal representation and other instruments of whatever nature subsisting or havingeffect immediately before the appointed day and to which the Sikkim Bank is a party or which are infavour of the said Bank shall be of as full force and effect against or in favour of the Central Government. (3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to anybusiness of the undertakings which have been transferred under section 4 is pending by or against theSikkim Bank, the same shall not abate, be discontinued, or be in any way prejudicially affected by reasonof the transfer of the undertakings of the Sikkim Bank or of anything contained in this Act, but the suit,appeal or other proceeding may be continued, prosecuted or enforced by or against the CentralGovernment.