38.
| (1) The Institute shall, from the appointed date, be the successor to the Co-operative Management Services Centre, established under the Sri Lanka State Trade Corporations Act, No. 33 of 1970, and accordingly all contracts, obligations, assets, rights, liabilities, staff and equipment of the Co-operative Management Services Centre on the day immediately preceding the appointed date shall be deemed to be the contracts, obligations, assets, rights, liabilities, staff and equipment of the Institute. |
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| (2) All suits, actions, prosecutions,, appeals or other legal proceedings instituted by, or against, the Co-operative Management Services Centre referred to in subsection (1) and pending on the appointed date, shall be deemed to have been instituted by, or against the Institute, and accordingly may be continued and enforced by, or against, the Institute. |
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Sri Lanka Consolidated Acts