law: State Bank of India Act, 1955
  7. Transfer of service of existing officers and employees
  
  of the Imperial Bank to the State Bank
  (1) Every officer or other employee of the Imperial Bank
  
  (excepting the managing director, the deputy managing director and other
  
  directors) in the employment of he Imperial Bank immediately before the
  
  appointed day shall, on and from theappointed day, become an officer or
  
  other employee, as the case may be, of the State Bank, and shall hold his
  
  office or service therein by the same tenure, at the same remuneration and upon
  
  the same terms and conditions and with the same rights and privileges as topension,
  
  gratuity and othermatters as he would have held the same on the
  
  appointed day if the undertaking of the Imperial Bank had not vested in the
  
  State Bank, and shall continue to do so unless and until his employment in the
  
  State Bank is terminated or until his remuneration, terms or conditions are
  
  duly altered by the State Bank.
  (2) Any person who, on the appointed day, is entitled to or is
  
  in receipt of, a Pension or other superannuation or compassionate allowance or
  
  benefit from the Imperial Bank or any provident, pension or other fund or any
  
  authority administering such fund shall be entitled to be paid by, and to
  
  receive from, the State Bank or any provident, pension or other fund or any
  
  authority administering such fund the same pension, allowance or benefit so
  
  long as he observes the conditions on which the pension, allowance or benefit
  
  was granted, and if any question arises whether he has so observed such
  
  conditions, the question shall be determined by the Central Government and the
  
  decision of the Central Government thereon shall be final.
  (3) Notwithstanding anything contained in sub-section (1) or
  
  sub-section (2), no appointment made or promotion, increment in salary,
  
  pension, allowance or any other benefit granted to any person after the 19th
  
  day of December, 1954, and before the appointed day which would not ordinarily
  
  have been made or granted or which would not ordinarily have been admissible
  
  under the rules or authorizations of the Imperial Bank or of any provident,
  
  pension or other fund in force prior to the 19th day of December, 1954, shall
  
  have effect or be payable or claimable from the State Bank or from any
  
  provident, pension or other fund or from any authority administering the fund,
  
  unless the Central Government has, by general or special order, confirmed the
  
  appointment, promotion or increment or has directed the continued grant of the
  
  pension, allowance or other benefit as the case may be.
  (4) Notwithstanding anything contained in the Industrial
  
  disputes Act, 1947, or in any other law for the time being in force, the
  
  transfer of the services of any office or other employee of the Imperial Bank
  
  from that Bank to the State Bank shall not entitle such officer or other
  
  employee to any compensation under that Act or other law, and no such claim
  
  shall be entertained by any court, tribunal or other authority.
  (5) Any person holding office as managing director, deputy
  
  managing director, director or member of any Local Board of the Imperial Bank
  
  immediately before the appointed day shall be deemed to have vacated his office
  
  as such on the appointed day, and notwithstanding anything contained in this
  
  Act or in any other law for the time being in force or in any agreement or
  
  contract, he shall not be entitled to any compensation from the Imperial Bank
  
  or the State Bank for the loss of office or for the premature termination of
  
  any agreement or contract relating to his employment, except such pension,
  
  compensation or other benefit which the State Bank May grant to him, having
  
  regard to what that person would have received as an officer of the Imperial
  
  Bank if this Act had not been passed and if he had retired from his employment
  
  in the ordinary course.
  (6) Where any managing director, deputy managing director,
  
  director, officer or other employee of the Imperial Bank has, after the 19th
  
  day of December, 1954, and before the appointed day, been paid any sum by way
  
  of compensation or gratuity, the State Bank be entitled to claim refund of any
  
  sum so paid if the payment is not confirmed by the Central Government by
  
  general or special order.