In the State Bank of India (Subsidiary Bank) Act, 1959, after section 50 the following section shall be inserted, namely:-
"50A.Bonus.- ( 1 ) No officer, adviser or other employee other than an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965 of a subsidiary bank shall be entitled to be paid any bonus.
( 2 ) No employee of a subsidiary 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 of other instrument."
#LawyerServices #Section #Act #Law #Statute #IndianLaw #Kanoon