Acquisition of State Bank of Patiala Order, 2017

G.S.R. 159(E).-- Whereas, the State Bank of India (hereinafter referred to as the Transferee Bank), with the sanction of the Central Government and in consultation with Reserve Bank of India, has entered into negotiations for acquiring, by way of amalgamation, the business including the assets and liabilities of the State Bank of Patiala (hereinafter referred to as the Transferor Bank);

And, whereas, the terms and conditions relating to the acquisition have been agreed upon by the Central Board of the Transferee Bank and the Board of the Transferor Bank in the form of a Scheme.

And whereas, the Reserve Bank has approved the terms and conditions relating to such acquisition agreed upon, by the Transferor Bank and the Transferee Bank, and forwarded the same to the Central Government for its sanction;

Now, therefore, in exercise of the powers conferred by sub-section (2) of section 35 of the State Bank of India Act, 1955 (23 of 1955), the Central Government, by the following order, accords its sanction, namely:-

1. (1) This Order may be called the Acquisition of State Bank of Patiala Order, 2017.

(2) It shall come into effect on 1st April, 2017 (hereinafter referred to as the effective date).

2. On and from the effective date, the undertaking of the Transferor Bank as it stood immediately before the effective date shall, without any further act, instrument or deed, stand transferred to, and vest in, the Transferee Bank in the manner provided herein and the entire share capital of the Transferor Bank, which is held by the Transferor Bank shall stand cancelled on the effective date.

3. The undertaking of the Transferor Bank which is transferred to, and will vest in, the Transferee Bank on and from the effective date shall be deemed to include all business, assets, rights, powers, authorities, licenses, permits, approvals, permissions, incentives, loans, subsidies, concessions, grants, liberties, special status'' and other privileges and all properties namely, movable and immovable, real and personal, corporeal and incorporeal, goodwill, copyright, all rights under the intellectual property etc. in possession or reservation, present or contingent of whatever nature and wheresoever situated, including lands, commercial or residential premises, fixtures, vehicles, cash balances, deposits, foreign currencies, disclosed and undisclosed reserves, reserve fund, special reserve fund, benevolent reserve fund, any other fund, stocks,...

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