Section 2 of SBS (Acquisition of Shares) Act, 1982 : Section 2: Definitions

Explanation using Example

Let's consider a hypothetical scenario where the State Bank of Sikkim (Acquisition of Shares) and Miscellaneous Provisions Act, 1982, is being applied:

On January 1, 2023, the government decides to bring this Act into force. As per Section 2(a) of the Act, January 1, 2023, becomes the "appointed day" when the Act is operational.

Imagine a local entrepreneur, Tashi, who is seeking a loan for his start-up. He approaches the Sikkim State Co-operative Bank Limited for financing. This bank is referred to as the "co-operative bank" in accordance with Section 2(b) of the Act.

The State Government of Sikkim then issues a "notification" (Section 2(c)) published in the Official Gazette, announcing a new financial inclusion scheme for ent...

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