section 4
Transitional Provisions
The Madhya Pradesh Sahakari Krishi Aur Gramin Vikas Bank Adhiniyam, 1999Finance199963 sections
Statutory text
- (4) The Share-holders, debenture holders and depositors of the Madhya Pradesh State Co-operative Land Development Bank and the Primary Land Development Banks shall be deemed to be the share-holders, debenture holders and depositors respectively of the State Development Bank and District Development Banks, as the case may be, from the date of commencement of this Act and they shall enjoy all the rights and privileges of the share-holders, debenture holders and depositors of the State Development Banks and its District Development Banks.
- (5) All contracts, bonds, deeds agreements and other instruments of whatever nature subsisting or having effect on the date of commencement of this Act and to which the Madhya Pradesh State Co-operative Land Development Bank or any Primary Land Development Bank is a party shall from such date be of full force and effect against or in favour of the State Development Bank or the corresponding District Development Bank, as the case may be, and may be enforced as fully and effectually by the State Development Bank and the District Development Bank.
- (6) The regulations made by the Board of Directors of the Madhya Pradesh State Co-operative Land Development Bank Limited under the Act repealed by sub-section (1) shall in so far as they are not inconsistent with the provisions of this Act and the Rules made hereunder, continue in force until altered or rescinded under this Act.
- (7) All notices issued and legal proceedings instituted by or against the Madhya Pradesh State Co-operative Land Development Bank Limited, pending on the commencement of this Act shall, from such date be deemed to have been issued or instituted by or against the State Development Bank.
Study data processing for this section.
PDF: pending for this language.