(1) If a pensioner who immediately before his retirement was holding the post of an officer and wishes to accept any commercial employment before the expiry of one year from the date of his retirement, he shall obtain the previous sanction of the Bank to such acceptance;
(2) Subject to the provision of sub-regulation (3), the Bank may, by order in writing, on the application by a pensioner, grant, subject to such 40 conditions, if any, as it may deed necessary, permission, or refuse, for reasons to be recorded in the order, permission to such pensioner to take up the commercial employment specified in the application.
(3) In granting or refusing permission under sub-regulation (2) to a pensioner for taking up, any commercial employment, the Bank shall have regard to the following factors, namely :-
(a) the nature of the employment proposed to be taken up and the antecedents of the employer;
(b) whether his duties in the employment which he proposes to take up might be such as to bring him into conflict with the Bank;
(c) whether the pensioner while in service had any such dealing with the employer under whom he proposes to seek employment as it might afford a reasonable basis for the suspicion that such pensioner had shown favours to such employer;
(d) whether the duties of the commercial employment proposed involve liaison or contact work with Bank;
(e) whether his commercial duties will be such that his previous official position or knowledge or experience under Bank could be used to give the proposed employer an unfair advantage;
(f) the emoluments offered by the proposed employer; and
(g) any other relevant factor.
(4) Where within a period of sixty days of the date of receipt of an application under sub-regulation (3), the Bank does not refuse to grant the permission applied for or does not communicate the refusal to the applicant, the bank shall be deemed to have granted the permission applied for;
Provided that in any case where defective or insufficient information is furnished by the applicant and it becomes necessary for the Bank to seek further clarifications or information from him, the period of sixty days shall be counted from the date on which the defects have been removed or complete information has been furnished by the applicant.
(5) Where the Bank grants the permission applied for subject to any conditions or refuses such permission, the applicant may, within thirty days of the receipt of the order of the Bank to that effect, make a representation against any such conditions or refusal and the Bank may make such orders thereon as it deems fit;
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Provided that no order than an order canceling such conditions or granting such permission without any conditions shall be made under this sub-regulation without giving the pensioner making the representation an opportunity to show cause against the order proposed to be made.
(6) If any pensioner takes up any commercial employment at any time before the expiry of one year from the date of his retirement without the prior permission of the Bank or commits a breach of any condition subject to such permission to take up any commercial employment has been granted to him under this regulation, it shall be competent for the Bank to declare by order in writing and for reasons to be recorded therein that he shall not be entitled to the whole or such part of the pension and for such periods as may be specified in the order:
Provided that no such order shall be made without giving the pensioner concerned the opportunity of show cause against such declaration;
Provided further that in making any order under this sub-regulation, the Bank shall have regard to the following factors, namely:-
(i) the financial circumstances of the pensioner concerned;
(ii) the nature of and the emoluments from the commercial employment taken up by the pensioner concerned; and
(iii) any other relevant factor.
(7) Every order passed by the Bank nder this regulation shall be communicated to the pensioner concerned.
(8) In this regulation, the expression “commercial employment” means:-
(i) an employment in any capacity including that of an agent, under a company (including a banking company), co-operative society, firm or individual engaged in trading, commercial, industrial, financial or professional business and includes also a directorship of such company (including a banking company) and partnership of such firm, but does not include employment under a body corporate, wholly or substantially owned or controlled by the Central Government or a State Government;
(ii) setting up practice, either independently or as a partner of a firm, as adviser or consultant in matters in respect of which the pensioner :- 42 a) has no professional qualifications and the matters in respect of which the practice is to be set up or is carried on are relatable to his official knowledge or experience, or b) has professional qualifications but the matters in respect of which such practice is to be set up are such as are likely to give his clients an unfair advantage by reason of his previous official position, or c) has to undertake work involving liaison or contract with the offices or officers of the Bank.
Explanation:- For the purpose of this clause, the expression “employment under a co-operative society” includes the holding of any office, whether elective or otherwise, such as that of President, Chairman, Manager, Secretary, Treasurer and the like, by whatever name called in such society.