7. Vesting of the property etc. of the Association in the Corporation

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

With effect from the date of commencement of this Act—

(a)

all property, movable or immovable, of the

Association;

(b)

all rights, powers, privileges and interests of the

Association and all the liabilities of the

Association;

(c)

all books, accounts and documents of the

Association;

shall vest absolutely in the Corporation.

(2)

With effect from the date of commencement of this

Act and without prejudice to the generality of subsection (1)—

(a)

all debts due to and subscriptions and fees payable to the Association shall be paid to the Corporation;

(b)

all liabilities of the Association subsisting on the day immediately preceding the date of commencement of this Act shall be deemed to be the liabilities of the Corporation;

Sri Lanka Economic Association (Incorporation)

(c)

all officers and servants of the Association on the day immediately preceding the date of commencement of this Act shall be deemed to be officers and servants of the Corporation;

(d)

all contracts and agreements entered into for the purposes of the Association and subsisting on the day immediately preceding date of commencement of this Act shall be deemed to be contracts and agreements entered into by the Corporation;

(e)

all actions and legal proceedings instituted by or against the Association and pending on the day immediately preceding the date of commencement of this Act shall be continued and enforced as legal proceedings instituted by, or against, the

Corporation.

Read on from s 8