REGISTERED NO. D-(D)-72 The Gazette of India EXTRAORDINARY
PART II—Section 1 PUBLISHED BY AUTHORITY No. 51] NEW DELHI, MONDAY, SEPTEMBER 19, 1977/BHADRA 28, 1899 Separate paging is given to this Part in order that it may be filed as a separate compilation MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS (Legislative Department) New Delhi, the 19th September, 1977/Bhadra 28, 1899 (Saka) THE BANKING SERVICE COMMISSION (REPEAL) ORDINANCE, 1977 No. 10 OF 1977 Promulgated by the Vice-President discharging the functions of the President in the Twenty-eighth Year of the Republic of India. An Ordinance to repeal the Banking Service Commission Act,
1975. WHEREAS Parliament is not in session and the Vice-President discharging the functions of the President is satisfied that circumstances exist which render it necessary tor him to take immediate action; Now, THEREFORE, in exercise of the powers conferred by clause (1) of article 123 of the Constitution, the Vice-president discharging the functions of the President is pleased to promulgate the following Ordinance: — 1 (1) This Ordinance may be called the Banking Service Commission (Repeal) Ordinance, 1977.
(2) It shall come into force at once. Short title and commencement.
(341) 343 , , THE GAZETTE OF INDIA EXTRAORDINARY [PART II— ^Definitions. Repeal of Act 42 of 1975 and the dissolution of the Banking Service Commission. Consequential provtjtons. 2 In this Act, unless the context otherwise requires,—
(a) "appointed day" means the day on which this Ordinance comes into force;
(b) "Banking Seivice Commission" means the Banking Service Commission established under section 3 of the Banking Service Commission Act, 1975
3. On the appointed day, the Banking Service Commission Act, 1975, iiall stand repealed, and the Banking Service Commission shall stand issolved.
4. On the dissolution of the Banking Service Commission,—
(a) (i) the person appointed as the Chairman of the Banking Service Commission; and
(ti) every other person appomted by the Banking Service Commission, and holding office as such immediately before the appointed day shall vacate their respective offices and no such Chairman or other person shall be entitled to claim any compensation for the premature termination of the term of his office or of any contract of service:
(b) any proceeding of whatever nature pending before the Banking Service Commission immediately before the appointed day shall stand terminated;
(c) the balance of all monies (including any fee) received by, or advanced to, the Banking Service Commission and not spent by it before the appointed day shall, on the appointed day, stand transferred to, and shall vest in, the Central Government,
(d) all property of whatever kind owned by, or vested in, the Banking Service Commission immediately before the appointed day, shall, on the appointed day, stand transferred to, and shall vest in the Central Government;
(e) all liabilities and obligations of whatever kind incurred by the Banking Service Commission and subsisting immediately before the appointed day shall, on and from the appointed day, be deemed to be the liabilities or obligations, as the casi may be, of the Central Government, and any proceeding or cause o> action, pending or existing immediately before the appointed day bv or against the Banking Service Commissicn "n relation to such lirbilit' or obligation may, as from the appointed day, be continued oi enftcced by or against the Central Government 42 of 1975. SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY 343 42 of 197C. 42 of 1975.
Explanation.—For the purposes of this clause, "liability" does not include any liability for any money advanced to the Banking Service Commission under sub-section (3) of section 19 of the Banking Service Commission Act, 1975,
(f) all monies vested in the Central Government under clause (c) shall, after deducting the amount incurred for discharging the liabilities and obligations under clause (e), be refunded by the Central Government to each public sector bank as denned in clause (h) of section, 2 of the Banking Service Commission Act, 1975 in proportion to the amount advanced by such" public sector bank to the Banking Service Commission under sub-section (3) of section 19 of that Act B. D. JATTI, Vice-President discharging the junctions of the President. K. K. SUNDARAM, Secy, to the Govt of India. PRINTED BY THE OBNERAL MANAGE*, GOVERNMENT OF INDIA FRBS3, MINTO ROAD, NEW DELHI AND PUBLISHED BY THE CONTROLLER OF PUBLICATIONS. DELHI 1977