85.
| (1) The Ceylon State Mortgage Bank Ordinance and the Agricultural and Industrial Credit Corporation Ordinance are hereby repealed with effect from such date after the date of the commencement of . business by the Bank as may be fixed for the purpose of this Law by the Minister by Order published in the Gazette. |
|
| (2) With effect from the date of the repeal of the Ordinances specified in subsection (1) - .
| | (a) the rights, obligations, assets and liabilities of the Ceylon State Mortgage Bank and the Agricultural and Industrial Credit Corporation on the date immediately preceding that date shall be the rights, obligations, assets and liabilities of the Bank; | | |
| | (b) every investment made 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 shall be deemed to be investments made by the Bank under this Law; | | |
| | (c) all premises vested in the Ceylon State Mortgage Bank under 'the provisions of Chapter VA of the Ceylon State Mortgage Bank Ordinance, as amended by Act No. 33 of 1968, and let out under the provisions of section 70Y thereof shall be and remain the property of the Bank subject to the terms and conditions contained in the Rent Purchase Agreement executed thereunder; | | |
| | (d) the officers and servants of the Ceylon State Mortgage Bank and the Agricultural and Industrial Credit Corporation shall be deemed to be employees of the Bank on such terms and conditions as may be determined by the Bank: Provided that where the Bank is unable to offer suitable employment to any such officer or servant, or where such officer or servant is unwilling to accept an appointment on terms and conditions determined by the Board, the Bank shall pay compensation at such rate as may be prescribed; | | |
| | (e) all contracts, deeds, bonds, agreements and other instruments which subsist or have effect immediately prior to that date and to which the Board of Directors of the Ceylon State Mortgage Bank or the Board of Directors of the Agricultural and Industrial Credit Corporation have subscribed shall have effect against, or in favour of, the Bank, as the case may be, as fully and effectively as if, instead of such Board of Directors, the Bank had been a party thereto; | | |
| | (f) all suits, appeals or other legal proceedings instituted 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 and pending immediately prior to that date shall not abate or be discontinued or in any way prejudicially affected by reason of such repeal, and accordingly may be continued and enforced by, or against, the Bank. | | |
|
|
|
Sri Lanka Consolidated Acts