National Savings Bank Act (No. 30 of 1971)

Sri Lanka Consolidated Acts

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National Savings Bank Act (No. 30 of 1971) - Sect 86

Repeal of certain laws, dissolution of certain institutions, and consequential provisions

86.

(1) The Ceylon Savings Bank Ordinance, the Ceylon Post Office Savings Bank Ordinance and the Savings Certificates Ordinance are hereby repealed with effect from such date after the date of commencement of business by the Bank as may be fixed for the purposes of this Act by the Minister by Order published in the Gazette.

(2) With effect from the date of the repeal of the Ordinances specified in sub-section (1)-

	(a) the rights, obligations, assets and liabilities of the Ceylon Savings Bank and the Ceylon Post Office Savings Bank and in respect of the Savings Certificates Fund on the day immediately preceding that date shall be the rights, obligations, assets and liabilities of the Bank;

	(b) all deposits in the Ceylon Savings Bank and the Ceylon Post Office Savings Bank shall be deemed to be moneys lying, for the same period of time for the purpose of calculating interest, to the credit of persons in whose names the deposits are, on the day immediately preceding that date, in deposit and savings accounts of such type as the Board may determine;

	(c) every entry made in any depositor's book under the Ceylon Savings Bank Ordinance, or the Ceylon Post Office Savings Bank Ordinance shall be deemed to be an entry made under this Act and the rules made thereunder;

	(d) the investments made in the name of the board of directors of the Ceylon Savings Bank, the investments made by the board of trustees of the Ceylon Post Office Savings Bank and the investments made and the loans granted by the trustees of the Savings Certificates Fund shall be deemed to be investments made by the Bank under this Act;

(e) every post office appointed by the Postmaster General to be an office for the transaction of the business of the Ceylon Post Office Savings Bank under the Ceylon Post Office Savings Bank Ordinance and every office deemed under sub-section (2) of section 4 of that Ordinance to be an office of the Ceylon Post Office Savings Bank shall be deemed to be a branch office for the transaction of the business of the Bank appointed by the Official Authority under sub-section (2) of section 5 of this Act on terms and conditions as far as may be, inclusive of remuneration, subsisting immediately prior to that date;

	(f)any Savings certificate issued under the Savings Certificates Ordinance shall be deemed to be a savings certificate issued under this Act as regards surrender value and all other terms, conditions and restrictions subject to which it was issued;

	(g) any savings stamp issued by the Commissioner of Stamps for the purposes of the Savings Certificates Ordinance shall in all respects be deemed to be a savings stamp issued by him for the purposes of this Act;

	(h) an approved savings group under the Savings Certificates Ordinance shall be deemed to be an approved savings group under this Act;

	(i) an authority by resolution of the House of Representatives to borrow money by the issue of savings certificates under the Savings Certificates Ordinance shall be deemed to be an authority by the Monetary Board under section 63 of this Act for the Bank to borrow the like sum;

(j) a direction under sub-section (2) of section 3 of the Savings Certificates Ordinance by the Minister charged with the administration of the subject and function of savings certificates to the Postmaster-General to borrow any sum of money by the issue of savings certificates shall be deemed to be an authority by the Monetary Board under sub-section (2) of section 64 of this Act for the Bank to borrow the like sum;

	(k) the regulations and notifications made under the Savings Certificates Ordinance shall be deemed to be rules and notifications made under this Act;

	(l) the officers and servants of the Ceylon Savings Bank shall be deemed to be officers and servants of the Bank on conditions not less favourable than those subsisting immediately prior to that date:

	(m) the obligation of the Ceylon Savings Bank to pay pensions and allowances to retired officers and servants of that Bank shall be deemed to be the obligation of the Bank;

(n) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect immediately prior to that date and to which the board of directors of the Ceylon Savings Bank, the trustees of the Ceylon Post Office Savings Bank or the Postmaster- General acting under the provisions of the Ceylon Post Office Savings Bank Ordinance, or the trustees of the Savings Certificates Fund or the Postmaster-General acting under the provisions of the Savings Certificates Ordinance are a party, other than any con- tract of employment with any public servant or any officer or servant of the Ceylon Savings Bank or the Ceylon Post Office Savings Bank, shall have effect against or in favour of the Bank, as the case may be, as fully and effectively as if, instead of such board of directors or trustees or the Postmaster- General, the Bank had been a party thereto;

(o) all suits, appeals or other legal proceedings instituted by, or against, the board of directors of the Ceylon Savings Bank, the trustees of the Ceylon Post Office Savings Bank or the Postmaster-General acting under the provisions of the Ceylon Post Office Savings Bank Ordinance or the trustees of the Savings Certificates Fund or the Post- master-General acting under the provisions of the Savings Certificates Ordinance and pending immediately prior to that date shall not abate or be discontinued or be in any way prejudicially affected by reason of such repeal, and accordingly may be continued and enforced by, or against, the Bank.

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