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

The State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982 was enacted to provide for the acquisition of shares of the State Bank of Sikkim by the Central Government and the transfer of its undertakings to the State Bank of India. The Act also established the State Bank of Sikkim Fund and provided for the payment of compensation to the shareholders of the State Bank of Sikkim whose shares were acquired by the Central Government. The Act also contains provisions relating to the transfer of employees of the State Bank of Sikkim to the State Bank of India and the continuation of their service conditions. The Act also provides for the continuation of the provisions of the State Bank of Sikkim Regulation Act, 1961 in respect of the State Bank of Sikkim.