Section 13(6) in The State Bank Of India (Subsidiary Banks) Act, 1959
(6)Subject to the provisions of the succeeding sub-sections, the amount of compensation shall be paid,--(a)if the shareholder has not applied for shares of the corresponding new bank in accordance with the provisions of sub-section (7), by a cheque drawn on the State Bank; and(b)if he has applied for shares of the corresponding new bank in accordance with the provisions of that sub-section, in shares of the corresponding new bank to the extent of the value of such shares allotted to him and the balance by a cheque drawn on the State Bank.
