State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act,1982
Act No : 62
Section : GENERAL EFFECT OF VESTING
SECTION 05: GENERAL EFFECT OF VESTING
(1) The undertakings of the Sikkim Bank shall be deemed to include all assets, rights, powers, authorities and privileges, and all property movable and immovable, cash balances, reserve funds investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of the Sikkim Bank in relation to its undertakings, and all books of account, registers, records and all other documents 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 its undertakings.
(2) Unless otherwise expressly provided in this Act, all contracts deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which the Sikkim Bank is a party or which are in favour 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 any business of the undertakings which have been transferred underSection 4-is pending by or against the Sikkim Bank, the same shall not abate, be discontinued or be in any way prejudicially affected by reason of 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 Central Government.
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