On the dissolution of the Banking Service Commission,-
(i) the person appointed as the Chairman of the Banking Service Commission; and
(ii) every other person appointed by the Banking Service Commission, and holding office – 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 and shall be utilised for the purposes of clauses (e) and (f);
(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) ail 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 case may be, of the Central Government; and any proceeding or cause of action, pending or existing immediately before the appointed day by or against the Banking Service Commission in relation to such liability or obligation may. as from the appointed day. be continued or enforced by or against the Central Government.
(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 defined 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 19of that Act.
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