24.
| (1) Where the Minister is satisfied-
| | (a) on written information received from the Commissioner of Co-operative Development, that a co-operative bank-
| | | (i) has been conducting its affairs continually in an unsatisfactory or inefficient manner, or |
| (ii) desires that it should be dissolved and that its business should be taken over by the Bank, and |
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| | (b) that the Bank agrees to take over the business of such co-operative bank, | | |
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| (2) On and after the date on which an Order under subsection (1) relating to a co-operative bank takes effect-
| | (a) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect on the day immediately preceding that date and to which such co-operative bank is a party shall have effect against or in favour of the Bank, as the case may be, as fully and effectually as if, instead of such co-operative bank, the Bank had been a party thereto; and | | |
| | (b) all suits, appeals or other legal proceedings instituted by or against such co-operative bank 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 such co-operative bank, and may be continued and enforced by or against the Bank, as the case may be. | | |
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Sri Lanka Consolidated Acts