46. With effect from the date of vesting the business of any or all Vesting Bank or Banks as the case may be in the acquiring bank-
| (a) the acquiring bank shall have control and possession of the vested business of the Vesting Bank, or Banks and become the transferee of the vested business of such Vesting Bank or Banks; and |
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| (b) the Incorporation Order or Orders as the case may be made under the Regional Rural Developments Banks Act, No. 15 of 1985 by which such vesting Bank or Banks were established, shall be deemed to have been revoked. |
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Sri Lanka Consolidated Acts