State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act : PAYMENT OF AMOUNTS Indian

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

Act No : 62

Section : PAYMENT OF AMOUNTS

SECTION 08: PAYMENT OF AMOUNTS

(1) For the transfer to, and vesting in, the Central Government, of the shares of the Sikkim Bank under section 3-, there shall be given by the Central Government to the holders of such shares in cash and in the manner specified in the Schedule, an amount of rupees eight lakhs twelve thousand two hundred and ninety-five.

(2) The amount specified in sub-section (1) shall carry simple interest at the rate of five and a half per cent per annum for the person commencing on the appointed day and ending on the date on which payment of such amount is made to the shareholders.