Section 21(2) in The West Bengal Co-Operative Societies Act, 1983
(2)A scheme referred to in sub-section (1) may provide for all or any of the following matters, namely:-(a)the transfer of the business, properties (movable and immovable), assets (including cash balances and reserve funds), rights, privileges, liabilities, debts and obligations of the transferor bank to the transferee bank, on such terms and conditions as may be specified in the said scheme;(b)the reduction of the interest or rights, which the members, depositors and other creditors have in or against the transferor bank before its amalgamation, to such extent as the State Government considers necessary in the public interest or in the interest of the members, depositors and other creditors of the transferor bank or for the maintenance of the business of such bank, having due regard to the proportion of the assets of the transferor bank to its liabilities;(c)the payment in cash or otherwise to the depositors and other creditors in full satisfaction of their claims-(i)in respect of their interest or rights in or against the transferor bank before or after its amalgamation, or(ii)where the interest or rights as aforesaid in or against the transferor bank has or have been reduced under clause (b), in respect of such interest or rights as so reduced;(d)(i)the allotment of shares in the transferee bank to the members of the transferor bank against the shares held by them in the transferor bank before the amalgamation, whether their interest in such shares has been reduced under clause (b) or not, or(ii)where the members of the transferor bank elect to receive payment in cash and not in shares of the transferee bank, or where it is not possible to allot shares in the transferee bank to such members against the shares held by them in the transferor bank, the payment to such members in cash in full satisfaction of their claims in respect of their interest in the shares of the transferor bank or, where such interest has been reduced under clause (b), in respect of their interest in the shares as so reduced:Provided that the aforesaid scheme shall secure-(i)that allotment of shares or payment in cash in favour of the members of the transferor bank under clause (d) shall not be made until all the depositors and creditors of the transferor bank have been paid under sub-clause (i), or, as the case may be, under sub-clause (ii), of clause (c), and(ii)that such allotment of share or payment in cash in favour of the members of the transferor bank shall be made only out of the surplus of the assets of the transferor bank, if any, that may be left after payment to the depositors and creditors as indicated in sub-clause (i);(e)the continuance of the services of the employees of the transferor bank in the transferee bank on terms and conditions of service not being less advantageous than those to which they were entitled immediately before the amalgamation:Provided that the transferee bank may not by an order in writing allow any employee of the transferor bank to continue in the services of the bank if, in the opinion of the transferee bank, the continuance of such employee in its service would be detrimental to its interest, and thereupon the services of such employee shall stand terminated on and from the date of such order, and the transferee bank shall, within three months of the date of the aforesaid order, make payment to such employee such compensation as such employee may be entitled under any law relating to the industrial disputes in force in the State and such pension, gratuity, provident fund and other retirement benefits as are ordinarily admissible to him under the rules of the transferor bank in force immediately before the amalgamation.
