12. Debts due by and payable to the institution

All debts and liabilities of the Institute existing on the day preceding the date of commencement of this Act shall be paid by the Corporation hereby constituted and all debts

6

Sri Lanka Institute of Credit Management

(Incorporation) Act, No.7

of 2000

due to and subscriptions and contributions payable to the

Institute on that day shall be paid to the Corporation for the purposes of this Act.