Section 5(5) in Banking Companies (Acquisition And Transfer of Undertaking) Act, 1969
(5)Unless otherwise expressly provided by this Act, all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting r having effect immediately before the commencement of this act and to which the existing bank is a party or which are in favour of the existing bank shall be of as full force and effect against or in favour of the corresponding new bank , and may be enforced or acted upon as fully and effectual as if in the place of the existing bank the corresponding new bank had been a party thereto or as if they had been issued in favour of the corresponding new bank.
