5. Transitional provisions

With effect from the specified date notwithstanding any provision in any other law—

the share capital and any amount lying to the credit of the share premium account, of the DFCC Bank on the day immediately preceding the specified date shall be deemed to be the stated capital of the

all shareholders of the DFCC Bank on the day immediately preceding the specified date shall be deemed to be the shareholders of the Company as at the specified date and the shares held by such shareholders in the Company shall be identical in number to that held by them in the DFCC Bank on the day immediately preceding the specified date and all share certificates issued by the DFCC Bank shall be read and construed as if such share certificates were share certificates issued by the Company;

all securities of any kind issued by the DFCC Bank and outstanding on the day immediately preceding the specified date shall from the specified date be deemed to be securities issued by the Company;

the Chairman, directors, officers, employees and servants of the DFCC Bank holding office on the day immediately preceding the specified date shall be deemed to be the Chairman, directors, officers, employees and servants of the Company with effect from the specified date and such Chairman, directors, officers, employees and servants shall continue to hold office in the Company on terms and conditions enjoyed by them under the DFCC

all contracts, deeds, bonds, agreements, guarantees, powers of attorney, grants of legal representation and other instruments of whatever nature of the

unless specifically revoked or substituted in the manner provided for in any other law, all approvals or licences granted to the DFCC Bank by the

any account maintained between the DFCC Bank and any other person in or outside Sri Lanka including the Government of Sri Lanka, its departments and statutory bodies on the day immediately preceeding the specified date, whether it be an asset or liability of such Bank shall be deemed with effect from the specified date to be an account between the Company and that other person with the same rights and subject to the same obligations and incidents (including rights of set off) as would have been applicable thereto if the account between the DFCC Bank and that other person had continued and so that any instruction,

any mortgage, security or indemnity held by the

the custody of any document, goods or other property held by the DFCC Bank on the day immediately preceding the specified date as bailee for any other person shall be deemed with effect from the specified date to be a document, goods or property in the custody of the Company as a bailee for such other person and the rights and obligations of the DFCC Bank under any contract of bailment relating to such document, goods or property shall be deemed to be the rights and obligations of the

any listing of shares or securities of any kind whatsoever issued by the DFCC Bank on a stock

all reserves maintained by the DFCC Bank for the purpose of the provision of any law, regulatory requirement or otherwise, on the day immediately preceding the specified date shall be deemed with effect from the specified date to be reserves of the

(i)

all applications, actions, proceedings or appeals of whatever nature instituted under the provision of any law by or against the DFCC Bank and pending on the day immediately preceding the specified date shall be deemed as from the specified date, to be applications, actions, proceedings or appeals instituted by or against the Company and may be continued accordingly;

any pension fund, gratuity fund or unfunded liability in respect of a pension, gratuity or other liability relating to post employment benefit to any employee or former employee of the DFCC Bank and existing on the day immediately preceding the specified date shall be deemed as from the specified date, to be a pension fund, gratuity fund or such liability as the case may be, of the Company in respect of such employee or former employee;

where the DFCC Bank on the day immediately preceding the specified date was a contributor to any provident fund approved by the Commissioner of Labour for the benefit of its employees, the

all tax credits, refunds, losses, concessions, reliefs, benefits and liabilities of the DFCC Bank subsisting on the day immediately preceding the specified date shall be deemed as from the specified date, to be tax credits, refunds, losses, concessions, reliefs, benefits and liabilities of the Company;

all judgments, decrees or orders entered in favour of, or against the DFCC Bank by any Court in any action or proceeding shall be deemed with effect from the specified date, to be judgments, decrees or orders entered in favour of, or against the

all rights to intellectual property including trademarks, patents, softwares subsisting in favour of the DFCC Bank on the day immediately preceding the specified date shall be deemed as from the specified date, to be such rights in favour of the Company.