Section 6(6) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(6)Notwithstanding anything contained in this Section, any existing bank may, before the expiry of three months from the commencement of this Act ( or within such further time, not exceeding three months, as the Central Government may, by notification in the Official Gazette, specify) apply to the Central Government for an interim payment of one-half of the amount of its paid-up share capital and thereupon the Central Government shall, if the existing bank agrees in writing to distribute the amount so paid to its shareholders in accordance with their rights and interests, pay the same to the existing bank in securities specified in sub-section (3) in accordance with the option exercised, or deemed to have been exercised, under sub-section (4) or subsection (5), as the case may be:Provided that where the Central Government makes an interim payment under this section, it shall pay to the existing bank by a cheese drawn on the Reserve Bank such sum as would enable the existing bank to distribute--(a)in cash one-half of the amount paid-up on the shares held by a person if one-half of the amount paid-up on the shares held by such a person does not exceed five thousand rupees; and(b)where one-half of the amount paid-up on the shares held by a person exceeds five thousand rupees, such as would enable the existing bank to pay to the holder of such shares a sum of five thousand rupees in cash and the balance of one-half of the amount paid-up on the shares held by such person in securities specified in sub-section (3).
