In the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, after section 12, the following section shall be inserted, namely:
"12A.( 1 ) No officer or other employee other than an employee within the meaning of clause (13) of section 2 of the Payment of Bonus Act, 1965(21 of 1965) of corresponding new bank shall be entitled to be paid any bonus.
( 2 ) No employee of a corresponding new 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 notwithstandting 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 or other instrument."
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