As enactedVersion · As enacted
Regional Development Banks Act 1997 · As enacted · Part VI · General
46. Effect of a Vesting Order
Feedback & supportOfficial English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.
Witheffect from the date of vesting the business of any or all Vesting Bank or Banks as the case may be in the acquiring bank—
(a)
the acquiring bank shall have control and possession of the vested business of the Vesting Bank, or Banks and become the transferee of the vested business of such Vesting Bank or Banks; and
(b)
the Incorporation Order or Orders as the case may be made under the Regional Rural Developments Banks
Act, No.15 of 1985 by which such vesting Bank or
Banks were established, shall be deémed to have been revoked.