Transfer of assets and liabilities of the Kerala Co-operative Central Land Mortgage Bank and Primary Land Mortgage banks

(1) Notwithstanding anything contained in any law for the time being in force, or in any contract, on and from the commencement of this Act, the entire assets and liabilities, rights, title, interest and obligations of the Kerala Co-operative Central Land Mortgage Bank and Primary Land Mortgage Banks shall stand transferred to and vested in the Agricultural Development Bank and its primary banks, as the case may be, and thereupon the Agricultural Development Bank, and its primary banks, may enforce the mortgages vested in them as if the properties mortgaged to the Kerala Co-operative Central Land Mortgage Bank and its primary banks were mortgaged to the Agricultural Development Bank and its primary banks. (2) The share holders, debenture holders and depositors of the Kerala Co-operative Central Land Mortgage Bank and the primary land mortgage banks shall be deemed to be the share holders, debenture holders and depositors respectively of the Agricultural Development Bank and its primary 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 Agricultural Development Bank and its primary banks. (3) All contracts, deeds, bonds, agreements and other instruments of whatever nature subsisting or having effect on the date of commencement of this Act and to which the Kerala Co-operative Central Land Mortgage Bank or any primary land mortgage bank is a party shall from such date be of full force and effect against or in favour of the Agricultural Development Bank or the corresponding primary bank, as the case may be, and may be enforced as fully and effectually by the Agricultural Development Bank and the primary bank.