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Section 7 – 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 7. Power of State Government to direct vesting of the undertakings of Sikkim Bank the Sikkim Co-operative bank

(1) Notwithstanding anything contained in sections 4, 5 and 6, the State Government may, if it is satisfied that the co-operative bank is willing to comply or has complied, with such terms and conditions as that Government may think fit to impose, including the terms and conditions regarding allotment of its shares, direct, by notification that the undertakings of the Sikkim Bank which have vested in the Central Government under section 4 and thereafter in the State Government under section 6, shall instead of continuing to vest in the State Government, vest in the co-operative bank either on the date of the notification or on such earlier or later date (not being a date earlier than the appointed day) as maybe specified in the notification.

(2) Where the undertakings of the Sikkim Bank vest in the co-operative bank under sub-section (1) that bank shall, on and from the date of such vesting, be deemed to have become the owner in relation to such undertakings and all the rights and liabilities of the Central Government or the State Government in relation to such undertakings shall, on and from the date of such vesting be deemed to have become the rights and liabilities, respectively, of the co-operative bank.

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

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