State Bank of India (Subsidiary Banks) Act,1959
Act No : 38
Section :
Power of Central Government to make rules.
62. Power of Central Government to make rules.- (1) The Central Government may, by notification in the Official Gazette, 1*[make rules to provide for all matters for which provision is necessary or expedient for the purpose of giving effect to the provisions of this Act]. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for-- (a) the terms and conditions of service of the Chairman, members and staff of the Tribunal; (b) the manner of, and the procedure for, payment of compensation (including allotment of shares in lieu of compensation) under this Act, including the requirements subject to which the payment shall be made; (c) the determination of the persons to whom compensation shall be payable in all cases including cases where shares have been held by more than one person, or where they have been transferred before the appointed day, but the transfer has not been registered, or where the share-holder is dead; (d) the circumstances under which claims for payment of the said compensation from persons claiming through or under a shareholder may be entertained; (e) the requirements to be complied with before receipt of the said compensation by a shareholder, whose share certificate has been lost, destroyed, mutilated or stolen; (f) the requirements subject to which information regarding the payment of the said compensation may be granted --------------------------------------------------------------------- 2. Subs. by Act 48 of 1973, s. 34, for certain words (w.e.f. 31-12- 1973). 212 or refused and the conditions subject to which such information may be given; 1*[(g) the manner of appointment of a director under clause (ca) or clause (cb) of sub-section (1) of section 25, and all other matters connected therewith or incidental thereto.] 2*[(3) Every rule made under this section shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days, which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
Read All Comments
