4. Section 85 of the principal enactment is hereby amended in subsection (2) of that section as follows;"
| (1) by the substitution in paragraph (b) of that subsection for the words " in the name of the Board of Directors of the Ceylon State Mortgage Bank or in the name of the Board of Directors of the Agricultural and Industrial Credit Corporation ", of the words " in the name of the Ceylon State Mortgage Bank or in the name of the Agricultural and Industrial Credit Corporation ; ";
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| (2) by the substitution for paragraph (e) of that subsection of the following new paragraph:"
| | "(e) all contracts, deeds, mortgage bonds and other bonds, agreements and other instruments which subsist or have effect immediately prior to that date in or to which the Ceylon State Mortgage Bank or the Agricultural and Industrial Credit Corporation has been named or subscribed as a party, shall have effect against, or in favour of, the Bank, as the case may be, as fully and effectively as if instead of such Ceylon State Mortgage Bank or the Agricultural and Industrial Credit Corporation, the Bank had been a party thereto and every reference therein to the Ceylon State Mortgage Bank Ordinance or the Agricultural and Industrial Credit Corporation Ordinance shall be deemed to be a reference to this Law, and all rules and regulations made thereunder."; | | |
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| (3) by the substitution in paragraph (f) of that subsection:"
| | (i) for the words " by, or against, the Board of Directors of the Ceylon State Mortgage Bank or the Board of Directors of the Agricultural and Industrial Credit Corporation", of the words " by, or against, the Ceylon State Mortgage Bank or the Agricultural and Industrial Credit Corporation "; and | | |
| | (ii) for the words "by, or against, the Bank. ", of the words " by, or against, the Bank ;"; and | | |
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| (4) by the insertion, immediately after paragraph (f) of that subsection, of the following new paragraphs :"
| | '(g)
| | | (i) the rights, obligations, assets, liabilities and moneys lying to the credit of the Ceylon State Mortgage Bank Provident Fund established under paragraph (c) of subsection (1) of section 94 of the Ceylon State Mortgage Bank Ordinance, on the day immediately preceding that date, shall be the rights, obligations, assets, liabilities and moneys of the State Mortgage and Investment Bank Provident Fund "A" established under section 31 of this Law; and |
| (ii) the rights, obligations, assets, liabilities and moneys lying to the Credit of the Agricultural and Industrial Credit Corporation Provident Fund established under paragraph (k) of subsection (1) of section 51 of the Agricultural and Industrial Credit Corporation Ordinance, on the day immediately preceding that date, shall be the rights, obligations, assets, liabilities and moneys of the State Mortgage and Investment Bank Provident Fund "B" established under section 31 of this Law; |
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| | (h) every investment made in the name of the Ceylon State Mortgage Bank Provident Fund shall be deemed to be investments made by the State Mortgage and Investment Bank Provident Fund " A ", and every investment made in the name of the Agricultural and Industrial Credit Corporation Provident Fund shall be deemed to be investments made by the State Mortgage and Investment Bank Provident Fund "B " established under section 31 of this Law; | | |
| | (i) all contracts, deeds, bonds, agreements and other instruments of the Ceylon State Mortgage Bank Provident Fund or the Agricultural and Industrial Credit Corporation Provident Fund which subsist or have effect immediately prior to that date shall have effect against, or in favour of, the State Mortgage and Investment Bank Provident Fund "A" or the State Mortgage and Investment Bank Provident Fund " B ", as the case may be, established under section 31 of this Law, as fully and effectively as if, instead of the Ceylon State Mortgage Bank Provident Fund or the Agricultural or Industrial Credit Corporation Provident Fund, as the case may be, the State Mortgage and Investment Bank Provident Fund " A " or the State Mortgage and Investment Bank Provident Fund " B " had been a party thereto respectively; and | | |
| | (j) all suits, appeals or other legal proceedings instituted by or against the Ceylon State Mortgage Bank Provident Fund or the Agricultural and Industrial Credit Corporation Provident Fund, and pending immediately prior to that date shall not abate or be discontinued or in any way prejudicially be affected by reason of such repeal, and accordingly may be continued or enforced by, or against, the State Mortgage and Investment Bank Provident Fund "A" or the State Mortgage and Investment Bank Provident Fund " B" established under section 31 of this Law, as the case may be.'. | | |
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Sri Lanka Consolidated Acts