State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act : VESTING OF THE SHARES AND

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

Act No : 62

Section : VESTING OF THE SHARES AND UNDERTAKINGS OF SIKKIM BANK IN THE STATE GOVERNMENT

SECTION 06: VESTING OF THE SHARES AND UNDERTAKINGS OF SIKKIM BANK IN THE STATE GOVERNMENT

(1) Notwithstanding anything contained in sections 3-,4-and5-, the Central Government shall, as soon as may be, after the commencement of this Act, direct, by notification, that the shares of the Sikkim Bank which have vested in the Central Government under section 3-and the undertakings of the Sikkim Bank which have vested in the Central Government under section 4-shall, instead of continuing to vest in the Central Government, vest in the State Government of Sikkim, on the date of the notification.

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