49. With effect from the date of vesting -
| (a) all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature pertaining, or relating to the vested business of the Vesting Bank or Banks and subsisting, or having effect on the day immediately preceding the date of vesting and to which the Vesting Bank or Banks is or are party or which is or are in favour of the Vesting Bank or Banks shall be deemed with effect from the date of vesting to be contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation or other instruments entered in to or granted, as the case may be, by the acquiring bank ; |
|
| (b) all actions and proceedings of whatever nature instituted by or against the Vesting Bank or Banks pertaining or relating to the vested business of such Bank or Banks and pending on the day immediately preceding the date of vesting shall be deemed with effect from the date of vesting to be actions and proceedings instituted by or against the acquiring bank and may be continued or prosecuted accordingly ; |
|
| (c) all such officers and servants of the Vesting Bank or Banks and were holding a permanent post in such Vesting Bank or Banks on the day immediately preceding the date of vesting shall be offered employment with the acquiring bank, and -
| | (i) where such offer is accepted, such officers and servants shall be employed therein on such terms and conditions of employment as the acquiring bank considers reasonable having regard to the qualifications and experience of such officers and servants ; and | | |
| | (ii) where such offer is not accepted, such officers and servants shall be entitled to the payment of compensation as determined under section 50. | | |
|
|
|
Sri Lanka Consolidated Acts