Denzong Agricultural Co-Operative Limited (Acquisition of certain Shares and Miscellaneous Provisions) Act, 1991
No: 6 Dated: Sep, 17 1991
Denzong Agricultural Co-Operative Limited (Acquisition of certain Shares and Miscellaneous Provisions) Act, 1991
(Act No. 6 of 1991)
An Act to provide in the public interest for acquisition of shares held by individual members of the Denzong Agricultural Co-operative Limited for its better and smooth functioning and extension of better co-operative facilities in the State of Sikkim with a view to providing an apex (Federal) Co-operative character to the Denzong Agricultural Cooperative 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:
CHAPTER - I
Preliminary
1. Short title and Commencement. - (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.
2. Definitions. - In this Act, unless the context otherwise requires,
(a) "Denzong Cooperative" means the Denzong Agricultural Co-operative Limited;
(b) "Multi-Purpose Co-operative Society" means a Multipurpose Co-operative Society registered under the Sikkim Cooperative Societies Act, 1978 (12 of 1978);
(c) "person" does not include the State Government or a Co operative Society registered under the Sikkim Co-operative Societies Act, 1978 (12 of 1978);
(d) "share holder" means and includes a person who holds shares of the Denzong Co-operative;
(e) "State Government" means the State Government of Sikkim;
(f) words and expressions used herein and not defined but defined in the Sikkim Co-operative Societies Act, 1978 (12 of 1978) shall have the meanings respectively assigned to them in that Act.
CHAPTER - II
Acquisition of Shares held by Individual Members of the Denzong Agricultural Co-Operative Limited and Vesting thereof
3. Vesting in the State Government of certain shares of Den zong Co-operative. - (1) On and from the date of commencement of this Act, all the shares in the share Capital of the 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.
(2) All the shares which have vested in the State Government under sub-section (1) shall, by force of such vesting be freed and discharged of all trusts, liabilities, 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 under sub-section (1), any person holding such shares, who immediately before the commencement of this Act is entitled to payment of dividend on such shares. shall 'be entitled to receive from the Denzong Cooperative
(a) all 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 date of commencement of this Act for which the Denzong Co operative has not declared or paid any dividend.