54AA. Power of Bank
to depute its employees to other institutions.- (1)
The Bank may, notwithstanding anything contained in any law,
or in any agreement, for the time being in force, depute any
member of its staff for such period as it may think fit, -
(a) to any institution which is wholly or substantially owned
by the Bank;
(b) to the Development Bank, so, however, that no such deputation
shall continue after the expiration of thirty months from
the commencement of section 5 of the Public Financial Institutions
Laws (Amendment) Act, 1975;
(c) to the Unit Trust, so, however, that no such deputation
shall continue after the expiration of thirty months from
the date notified by the Central Government under sub-section
(1) of section 4A of the Unit Trust of India Act, 1963, and
thereupon the person so deputed shall, during the period of
his deputation, render such service to the institution to
which he is so deputed as that institution may require.
(2) Where a person has been deputed to an institution under
subsection (1), he shall not be entitled to claim any salary,
emoluments and other terms and conditions of service which
he would not have been entitled to claim if he had not been
so deputed.
(3) Nothing contained in this section shall empower the Bank
to depute any member of its staff to any institution on any
salary, emoluments or other terms and conditions which is
or are less favourable to him than that or those to which
he is entitled immediately before such deputation.
(4) For the purposes of this section, an institution shall
be deemed to be substantially owned by the Bank if in the
capital of the institution the Bank as not less than forty
per cent, share.
Explanation. - The word “capital” means, in relation
to the Unit Trust, the initial capital of that Trust.
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