SIKKIM
GOVERNMENT' ~GAZETTE
EXTRAORDINARY
PUBL~HED BY AUTHORITY
____ ~ _.. ~ ••••• _ •••••w__ ~ ••••_._Do.Jil ~, ••• Gangtok, Tuesday, September 17, 1991. No. 14(1 ;\ -----------------------------_ ..•.__ .- No. 9/LDfl99 1.
GOVERNMENT OF SIKKIM
LAW DEPARTMENT
GANGTOK
NOTIFICATION
Dated Gangtok, the 17th September, 1~91. The following Act of the Sikkim Legislative Assembly baving received the assent of .the Governor on 17th day of September,1991, is hereby published for general information:-
THE DENZONG AGRICULTURAL CO·OPERATIVE LIMITED
(ACQUISITION OF CERTAIN SHARES
AND MISCELLANEOUS PROVISIOi'lS) ACT, 1991.
( ACT NO.6 OF 1991 )
AN
ACT
tcprovide in'the pubIfc-Tnt~resT for acquisition of shares held by individual members of the Denzong Agricultural Co-ope- rative Limited for its better and smooth functioning and exten- sion of better co-operative facilities in the State of Sikkim with a view to providing an apex (Federal) Co-operative cha- racter to the Denzong Agricultural Co-operative Limited and for matters connected therewith or incidental thereto. Be it enacted by the Legislative Assembly of Sikkim in the Forty-second Year of the Republic of India as follows :. Definitions. 2.
CHAPTER - I
Preliminary
(1) This Act may be called the Denzong Agricultural Co-operative Limited (Acquisition of Certain Shares and Miscellaneous Provisions) Act, 1991-
(2) It shall be deemed to have come into force from 3rd day of July, 1991.
In this Act, unless the context otherwise requires,-
(a) "Denzong Co-operative" means the Denzong Agri- cultural Co-operative Limited;
(b) "Multi-Purpose Co-operative Society" means a Multi-Purpose Co- operative Society registered under the Sikkirn Co-operative Societies Act, 1978; 1210/1978
(c) "person" does not include the State Government or a Co-operative Society registered under the Sikkim Co-operative Societies Act, 1978.: 12 n{ 1078 Short title onrl 1.
commencement,
1
Vcstint; ill the 3, Stene Govcrnrnent ofcertain shares oj' Dcnzong Co· operative,
l'c)lI'Cf OJ SI ..";' 4, COI'CrIIllIL'1)I ((; direct Veslillg or shares ill tlu:
Muit-Purpose Co-oper.niv: So- rtct ics Limited.
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't , ..•.::' ; «l) "shnreholdcr" means' ~nd includes a person who holds shares of the ,penzong Co-operative;
(c) "St~\IC S:;overnn:er.}",means the State Government of S ii,k 1\1'\.; ·-1.~ 1.
(0 words and expressions used herein and not defined but defined in the Sikkirn Co-operative 'Societies Act, Jt)78.~ shall . have the: meanings respectively 12 of' 1978, assigned to them if! that Act.
CHAPTER - If
;\CQUrSfTION OF SHARES Hf:LD BY INDIVIDUAL
r\,'i!~iv:n~RS OF THE DENZONG AGRICULTURAL
CO-OII[l\ATIVE LIMITED AND VESTING THEREOF
(I) On and from the dateof commencement of this Act, a!1 the shares in the' share Capital of ihe Denzong Co-operative (other than those held by the State Government or any other co-operative society) shall, by virtue of this Act, stand transferred to and shall vest in the State Government.
Vi All the shares which have vested in the State Govern- ment under sub-section (1) shall, by force of such vesting, be freed and discharged of all trusts, liabili- tics, obligation, mortgages, charges, liens or other encumbrances affecting them and any attachment or injunction or any decree or order of any court, tribunal or other authority restricting the use of such shares in any manner shall be deemed to have been withdrawn,
(3) Notwithstanding the transfer of the shares held by individual members of the Denzong Co-operative uncer sub-section (1), any person holding such shares, who immediately before the commencement 01- this Aet is entitled to payment of dividend on such shares, shall be entitled to receive from the Dcnzong C()-():~cr~".ive -
(:!) :.lil dividends accruing to his shares before the date of commencement of the Act and
remaining unpaid;
(b) dividends calculated at a rate not exceeding nine per cent in respect of any period before the cia te or commencement of this Act for which the Dc nzorig Co operative has not declared or paid any dividend.
(I) j'.lot\\,ithst;\l1dillg anything contained in section 3, the Siatc Government may direct, by notification, that the shares of all the individual. members of the Den- zong Agricultural Co-operative Limited which have vested i~l the State Government under section 3 shall, instead (11' continuing to vest in the State Govern- merit, vest in the different Multi-Purpose Co-opera- iive Societies Limited on the date of the notification or on such later date as may be specified in the notification.
(2) Where the shares of the individual members of the Dcnzong Agricultural Co-operative Limited vest in
. the different Multi-Purpose Co-operative Societies under sub-section (1), such societies, on and from the elate of such vesting, be deemed to have become the owner in relation to such shares and all the rights and liabilities of the State povern- merit in relation 10 such shares shall, on and from t hc date of such .vesting, be deemed to have become the rights and liabilities respectively of such Socie- ties. '
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3
CHAPTER - III
PAYMENT OF AMOUNTS
For the transfer and vesting in the State Government of the shares held by individual members of the Denzong Co-operative under section 3, there shall be paid by the State Government to the individual mem- bers the actual amount of shares held by such mem- bers with the Denzong Co-operative.
CHAPTER -IV
MISCELLANEOUS
Notwithstanding anything inconsistent therewith con- tained in any other law for the time being in force, the Denzong Co-operative shall have only the follo- wing two classes of share-holders, namely :-
the State Government, and
co-operative societies registered under the- Sikkim Co-operative Societies Act, 1978. 12 oJ 1978
(1) Any share-holder whose share Or shares has or have been vested in the State Government under the provisions of section 3 may, within two months from the date of vesting, apply in wri- ting to the Registrar for payment of the amount d lie to him under this Act:
Provided that if the Registrar is satisfied that any share-holder was prevented by sufficient cause from making an application for payment of the amount clue to him within the stipulated period of two months, he may condone the delay and entertain the application.
(2) All such applications shall be disposed of by the Registrar within one month from the date of recei pt thereof.
Unclaimed (/IJIO- 8. Any money unclaimed shall be transferred by the 11111 10 he deposi- Registrar to the general revenue account of the State Government. led 10 the general
revenue aaoltnl,
9. The provisions of this Act shall have effect notwith- standing anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law, other than this Act, or in any decree or order of any Court, tribunal or other authority.
10. The State Government may, by notification published in the Official Gazette, make rules for carrying out the provisions of this Act.
II. No suit, prosecution or other legal proceeding shall lie against the State Government or the Denzong Co-operative or Dny officer of the State Government or the Denzong Co-operative for anything which is in good faith done or intended to be done under this Act.
12. If any difficulty arises in giving effect to the provisions of this Act, the State Government may, by order, not inconsistent with the provisions of this Act, remove the difficulty:
Provided that no such order shall be made after the expiry of a period of two years from the date of commencement of this Act.
13.
Payment 0 ( amounts.
5.
Share-holders oJ 6. the Denzong
Co-opera Iivc, Share holders 10 7. make applicat ions 101/11' Registrar, Act 10 have over- riding effect, Power 10 make rules,
Protection oJ act ion taken in goodfaith,
Power (0 remove difficult iI'S. Repeal and
Saving. (a)
(b)
(1)
The Denzong Agricultural Co-operative Limited (Acquisition of Certain Shares and Miscellaneous Provisions) Ordinance, 1991 (Ordinance No.3 of 1991), is hereby repealed.
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(2) Notwithstanding such repeal, anything done or any action taken in exercise of the powers con- ferred by or under that Ordinance shall be deemed to have been done or taken in exercise of the powers conferred by or under this Act as if this Act was in force on the day on which such thing was done or such action was taken. By Order of the Governor,
B.R. PRADHAN,
Secretary to the Government of Sikkim, Law Department.
(F. No. 16 (256) /LDj1991)
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