law: Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970  
  12.Removal of Chairman from office.- 
  (1) Every person holding office, immediately before the
  
  commencement of this Act, as Chairman of an existing bank shall, if he becomes
  
  Custodian of the corresponding new bank, he deemed, on such commencement, to
  
  have vacated office as such Chairman.
  (2) Save as otherwise provided in sub-section (1), every officer
  
  or other employee of an existing bank shall become, on the commencement of this
  
  Act, an officer or other employee, as the case may be, of the corresponding new
  
  bank and shall hold his office or service in that bank on the same terms and
  
  conditions and with the same rights to pension, gratuity and other matters as
  
  would have been admissible to him if the undertaking of the existing bank had
  
  not been transferred to and vested in the corresponding new bank and continue to
  
  do so unless and until his employment in the corresponding new bank is
  
  terminated or until his remuneration, terms or conditions are duly altered by
  
  the corresponding new bank.
  (3) For the persons who immediately before the commencement of
  
  this Act were the trustees for any pension, provident, gratuity or other like
  
  fund constituted for the officers or other employees of an existing bank, there
  
  shall be substituted as trustees such persons as the Central Government may, by
  
  general or special order, specify.
  (4) Notwithstanding anything contained in the Industrial
  
  Disputes Act, 1947 (14 of 1947), or in any other law for the time being in
  
  force, the transfer of the services of any officer or other employee from an
  
  existing bank to a corresponding new bank shall not entitle such officer or
  
  other employee to any compensation under this Act or any other law for the time
  
  being in force and no such claim shall be entertained by any court, tribunal or
  
  other authority.