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Section 12A: Bonus.

The Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970Central Act · Act 5 of 1970

[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.]

Where this provision sits

ActThe Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970
Section12A
Marginal noteBonus.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • inserted, Act 64 of 1984. . Ins. by Act 64 of 1984, s. 4 (w.e.f. 11-9-1984).

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