Lawgist12ABonus
1[12A. Bonus.--(1) No officer or other employee other than an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965 (21 of 1965) of a corresponding new bank shall be entitled to be paid any bonus.
(2) No employee of a corresponding new bank, being an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965 (21 of 1965), shall be entitled to be paid any bonus except in accordance with the provisions of that Act.
(3) The provisions of this section shall have effect notwithstanding any judgment, decree or order of any court, tribunal or other authority and notwithstanding anything contained in any other provision of this Act or in the Industrial Disputes Act, 1947 (14 of 1947), or any other law for the time being in force or any practice, usage or custom or any contract, agreement, settlement, award or other instrument.]
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1. Ins. by Act 64 of 1984, s. 5 (w.e.f. 11-9-1984).
- 10 Closure of accounts and disposal of profits
- 10A Annual general meeting
- 10B Transfer of unpaid or unclaimed dividend to Unpaid Dividend Account.
- 11 Corresponding new bank deemed to be an Indian company
- 12 Vacation of office of Chairman, etc
- 12A Bonus
- 13 Obligations as to fidelity and secrecy
- 14 Custodian to be public servant
- 15 Certain defects not to invalidate acts or proceedings
- 16 Indemnity
- 16A Arrangement with corresponding new bank on appointment of directors to prevail
- 17 Construction of references to existing banks
- 18 Dissolution
- 18A Supersession of Board in certain cases
- 19 Power to make regulations
- 20 [Repealed.]
- 21 Repeal and saving
