23.
| (1) With effect from such date (hereafter in this section referred to as the appointed date) as may be appointed by the Minister by Order published in the Gazette*-[* 1st July, 1961, appointed by Order published in Gazette Extraordinary No. 12,498 of 26th June, 1961.]
| | (a) the Co-operative Federal Bank of Ceylon, Limited, shall be deemed to have been dissolved, and | | |
| | (b) the assets and liabilities of the Co-operative Federal Bank of Ceylon, Limited, shall be the assets and liabilities of the Bank. | | |
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| (2) On and after the appointed date-
| | (a) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect on the day immediately preceding that date and to which the Co-operative Federal Bank of Ceylon, Limited, is a party shall have effect against or in favour of the Bank, as the case may be, and may be enforced as fully and effectually as if, instead of the Co-operative Federal Bank of Ceylon, Limited, the Bank had been a party thereto; and | | |
| | (b) all suits, appeals or other legal proceedings instituted by or against the Co-operative Federal Bank of Ceylon, Limited, and pending on the day immediately preceding that date shall not abate or be discontinued or be in any way prejudicially affected by reason of the dissolution of the Co-operative Federal Bank of Ceylon, Limited, and may be continued and enforced by or against the Bank, as the case may be: | | |
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Sri Lanka Consolidated Acts