law: Industrial Disputes (Banking Companies) Decision Act, 1955 
  3. Appellate Decision to Have Effect Subject to the Modifications Recommended by the Bank Award Commission. – 
  (1) The appellate decision shall have effect
  
  as if the modifications recommended in Chapter XI of the Report of the Bank
  
  Award Commission, dated the 25th day of July, 1955, had actually been made
  
  therein, and the appellate decision as so modified shall be the decision of the
  
  Appellate Tribunal within the meaning of the Industrial Disputes (Appellate
  
  Tribunal) Act, 1950) (48 of 1950) and the award shall have effect accordingly.
  (2) Notwithstanding anything contained in
  
  Sub-sec. (1), the recommendations in Chapter XI of the Report of the Bank Award
  
  Commission in relation to the banking companies incorporated in the former
  
  State of Travancore -Cochin specified in that Chapter
  
  shall be modified and shall be deemed to have been modified - 
  (a) with effect from
  
  the 1st January, 1955, in relation to the C Class Banks known as the South
  
  India Bank Limited, Trichur , and the Catholic Syrian
  
  Bank Limited, Trichur , as if - 
  (1) in 
  
  Clause (1) of the said recommendations - 
  ( i )
  
   under the holding 'C Class' after the entry '(viii)',  Travancore Bank' the entries '(ix), South Indian Bank,  Trichur ' and '(x)' Catholic Syrian Bank,  Trichur , had been inserted;
  (ii) items ( i ) and (ii) under
  
  Sub-clause (b) had been omitted; and
  (2) in Clause (2)
  
  thereof, after the words ' Travancore Bank' the words
  
  the South Indian Bank, Trichur , and the Catholic
  
  Syrian Bank, Trichur had been inserted; and
  (b) with effect from the
  
  1st January, 1956, in relation to the C Class banks known as the  Palai Central Bank Limited, Palai 
  
  and the Travancore Forward Bank Limited,  Kottayam , and the D Class Banks, as if in Clause (1) of the
  
  said recommendations items ( i ) and (ii) under Sub-clause
  
  (b) had been omitted.
  (3) The arrears of emoluments, payable to the
  
  workmen of the banking companies specified in Sub-sec. (2) by reason of the
  
  modification effected by that Sub-sec. shall be paid as follows - 
  (a) in 
  
  the case of the banking companies specified in Clause
  (a) of 
  
  that sub-section - 
  ( i )
  
  the arrears for the year 1955 shall be paid in two equal installments of which
  
  the first shall be paid within thirty days from the commencement of the
  
  Industrial Disputes (Banking Companies) Decisions Amendment Act, 1957, and the
  
  second within six months after such commencements; and
  (ii) the arrears for the period from  the
  
   1st January, 1956 , to such commencement shall be paid within thirty days
  
  thereof;
  (b) in 
  
  the case of the banking companies specified in Clause
  (b) of 
  
  that Sub-section, the arrears for the period from  the
  
   1st January, 1956 , to such commencement shall be paid within thirty days
  
  thereof.
  (4) For the purposes of this section, the
  
  expression 'the former State of  Travancore -Cochin ' means the State of  Travancore -Cochin as it existed immediately before the 1st November, 1956 .
  (5) Notwithstanding anything contained in the
  
  foregoing provisions of this section, the Central Government may, from time to
  
  time, by notification in the Official Gazette, make in lieu of the adjustment
  
  of the dearness allowance recommended in Clause 1(e) of Chapter XI of the
  
  Report of the Bank Award Commission, such adjustment thereof as it thinks fit
  
  for any period subsequent to the 31st December, 1957, with reference to the
  
  rise or fall, as compared to 144 (1944=100), of the average All-India Cost of
  
  Living Index for any period immediately preceding that period; and upon the
  
  issue of such notification the adjustment of dearness allowance so made for any
  
  period shall be deemed to have been recommended in Clause 1(e) of the Report of
  
  that Commission :
  Provided  that any adjustment so made shall, so
  
  far as may be, bear to the rise or fall of the Cost of Living Index the same
  
  ratio as it indicated between the adjustment of dearness allowance and the rise
  
  or fall of the Cost of Living Index in the formula recommended in that clause.