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Title : THE REGIONAL RURAL BANKS ACT, 1976

Year : 1976

Act :


CHAP

AMALGAMATION OF REGIONAL RURAL BANKS


1*[CHAPTER VA

AMALGAMATION OF REGIONAL RURAL BANKS


23A.

Amalgamation of Regional Rural Banks.


23A. Amalgamation of Regional Rural Banks.- (1) Notwithstanding anything contained in this Act, if the Central Government, after consultation with the National Bank, the concerned State Government and the Sponsor Bank, is of the opinion that it is necessary in the public interest or in the interest of the development of the area served by any Regional Rural Bank or in the interest of the Regional
Rural Banks themselves, that two or more Regional Rural Banks should be amalgamated, that Government may, by notification in the Official
Gazette, provide for the amalgamation of such Regional Rural Banks
(hereafter in this Chapter referred to as the transferor Regional
Rural banks) into a single Regional Rural Bank (hereafter in this
Chapter referred to as the transferee Regional Rural Bank) with such constitution, property, powers, rights, interests, authorities and privileges; and with such liabilities, duties and obligations, as may be specified in the notification.

(2) Every notification issued under sub-section (1) shall indicate the date with effect from which the amalgamation shall become effective.

(3) Every notification issued under sub-section (1) may also provide for all or any of the following matters, namely:--

(a) the continuance in service of all the employees of the transferor Regional Rural Banks (excepting such of them as not being workmen with in the meaning of the Industrial Disputes Act, 1947.(14 of 1947) are specifically mentioned in the notification) in the transferee Regional Rural Bank at the same remuneration and on the same terms and conditions of service, which they were getting or, as the case may be, by which they were being governed, immediately before the date on which the amalgamation takes effect;

(b) notwithstanding anything contained in clause (a), where any of the employees of the transferor Regional Rural Banks, not being workmen within the meaning of the Industrial Disputes Act, 1947.(14 of 1947) are specifically mentioned in the notification, or where any employee of the transferor Regional Rural Banks has by notice in writing given to the transferee Regional Rural Bank at any time before the expiry of a period of three months next following the date on which the amalgamation takes effect, intimated his intention of not becoming an employee of the transferee Regional Rural Bank, the payment to such employee of compensation, if any, to which he is entitled under the Industrial Disputes Act, 1947, and such gratuity, provident fund and other retirement benefits ordinarily admissible to him under the rules or authorisations of the concerned transferor Regional Rural Banks immediately before that date;

(c) the other terms and conditions for the amalgamation of
Regional Rural Banks; and

(d) the continuance by or against the transferee Regional Rural
Bank of any pending legal proceeding by or against any transferor
Regional Rural Banks and such consequential, incidental and supplemental provisions, as may, in the opinion of the Central
Government, be necessary to give effect to the amalgamation.

(4) Every notification issued under sub-section (1) shall, as soon as may be after it has been made, be laid before each House of
Parliament.


23B.

Notification under section 23A to be sufficient notice to concernedparties.


23B. Notification under section 23A to be sufficient notice to concerned parties.- (1) A notification issued under sub-section (1) of section 23A, shall constitute sufficient notice of the provisions thereof to all the parties concerned and shall be binding on the transferor Regional Rural Banks and the transferee Regional Rural Bank and to the depositors, creditors, employees and all other persons having dealings with such banks.

(2) Notwithstanding anything contained in the Transfer of
Property Act, 1882 (4 of 1882) or the Registration Act, 1908 (16 of
1908), any notification issued under sub-section (1) of section 23A
shall be sufficient conveyance, in accordance with the provisions of the notification, of the business, properties, assets and liabilities, rights, interests, powers, privileges, benefits and obligations of whatever nature of the transferor Regional Rural Banks to the transferee Regional Rural Bank.

(3) On and from the date on which the amalgamation takes effect under section 23A, any reference to the transferor Regional Rural
Banks in any agreement, conveyance, assurance, power of attorney or any other document of whatsoever nature, shall be deemed to be reference to the transferee Regional Rural Bank and the rights and obligations of the transferor Regional Rural Banks shall be deemed to be the rights and obligations of the transferee Regional Rural Bank to the extent specified in the said amalgamation.


23C.

Cessation of business of transferor Regional Rural Banks.


23C. Cessation of business of transferor Regional Rural Banks.- On and from the date on which the amalgamation takes effect under section
23A, the transferor Regional Rural Banks shall cease to carry on business, including that of making of any payment to any depositors or discharge any liability or obligation to the creditors except to the extent as may be necessary for the implementation of the provisions of the said amalgamation.


23D.

Liquidation of Regional Rural Banks.


23D. Liquidation of Regional Rural Banks.- Where a notification is issued for the amalgamation of Regional Rural Banks under sub-section
(1) of section 23A, the Central Government may, by a further notification in the Official Gazette, direct that on such date, as may be specified therein, the transferor Regional Rural Banks, which by reason of amalgamation will cease to function, shall stand dissolved and such direction shall take effect notwithstanding anything to the contrary contained in section 26.]


CHAP

MISCELLANEOUS

Last updated on February, 2008
 
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