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

Act No : 62

---

Section : MANNER OF PAYMENT OF AMOUNT FOR THE TRANSFER OF SHARE OF THE STATE BANK OF SIKKIM TO T HE CENTRAL GOVERNMENT

SCHEDULE 1 MANNER OF PAYMENT OF AMOUNT FOR THE
TRANSFER OF SHARE OF THE STATE BANK OF SIKKIM TO
T
HE CENTRAL GOVERNMENT
THE SCHEDULE[Seesection 8 (1)-]

1. In this Schedule, "shareholder" means any person, who, immediately before the appointed day, is registered as the holder of a share in the Sikkim Bank, other than the State Government of Sikkim.

2. For every share in the share capital of the Sikkim Bank which, by reason of this Act, is transferred to and vested in the Central Government, the Central Government shall pay to every holder thereof in the manner specified in paragraph 3 of this Schedule an amount calculated at the rate of rupees fifty-five per share.

3. Every person who is registered as the holder of a share in the Sikkim Bank on the appointed day and whose shares have been acquired under the provisions of this Act shall, for every such share so held by him, be paid an amount calculated at the rate specified in paragraph 2 by cheque drawn on the Reserve Bank of India.

---

Read All Comments

Comments

Quick Links

• Recent Comments
• Recent Citations
• Bare Acts Alphabetically