Section 6(1) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(1)The Central Government shall give compensation to such existing bank for the acquisition of its undertaking and such compensation shall be determined in accordance with the principles specified in the Second Schedule and in the manner hereinafter set out, that is to say,-(a)where the amount of compensation can be fixed by agreement, it shall be determined in accordance with such agreement;(b)where no such agreement can be reached, the Central Government shall refer the matter to the Tribunal within a period of three months from the date on which the Central Government and the existing bank fail to reach an agreement regarding the amount of compensation.
