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Section 3 – The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act,1982

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

Section 3. Vesting in the Central Government of certain shares of Sikkim Bank

(1) On the appointed day, all the shares in the shares capital of the State Bank of Sikkim, other than the shares held by the State Government, 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 force of such vesting, be freed and discharged of all trusts, liabilities, obligations, mortgages, charges, liens and other 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of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn.

(3) Notwithstanding the transfer of the shares of the Sikkim Bank to the Central Government under sub-section (1), any person holding such shares, who immediately before the appointed day is entitled to payment 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 the appointed day and remaining unpaid;

(b) Dividends calculated at a rate to be specified by the Central Government in respect of any period immediately preceding the appointed day for which the Sikkim Bank had not declared any dividend.

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

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