Transfer of assets and liabilities to Andhra Pradesh Co-operative Bank from the date of formation.

With effect on and from the date of formation of the Andhra Pradesh Co-operative Bank,-

1. (i) the assets and liabilities of the Andhra Co-operative Bank and the Hyderabad Co-operative Bank shall stand transferred to the Andhra Pradesh Co-operative Bank and the guarantees in respect of any liabilities of the said Banks given by the Government and subsisting on that date shall be deemed to be the guarantees given in respect of the liabilities of the Andhra Pradesh Co-operative Bank;
2. (ii) the Co-operative Societies registered or deemed to have been registered under the Co-operative Societies Act of 1952, shall, for the purpose of membership of the Andhra Pradesh Co-operative Bank and in their transactions therewith, be deemed to have been registered under, and be governed by the provisions of the Co-operative Societies Act of 1932;
3. (iii) all contracts, deeds, bonds, agreements and other instruments of whatever nature subsisting on that date and relating to the assets and liabilities transferred to the Andhra Pradesh Co-operative Bank, from the Andhra Co-operative Bank and the Hyderabad Co-operative Bank which have been parties thereto, shall have full force in favour of or against, the Andhra Pradesh Co-operative Bank, and may be enforced as if the Andhra Pradesh Co-operative Bank had been a party thereto.