Section 58 in The M.P. Shakari Krishi Aur Gramin Vikas Bank Adhiniyam 1999
58. Repeal and Savings.
(1)The Madhya Pradesh Sahakari Bhoomi Vikas Bank Adhiniyam, 1966 (No. 28 of 1966) is herby repealed.(2)Notwithstanding such repeal, all rules made, orders and notifications issued under the Act hereby repealed shall be deemed to have been respectively made, or issued under this Act.(3)Notwithstanding anything contained in any law tor the time being in force, or in any contract, on and from the commencement of this Act, the entire assets and liabilities, rights, title, interest and obligations of the Madhya Pradesh State Co-operative Land Development Bank and Primary Land Development Banks shall stand transferred to and vested in the State Development Bank and District Development Banks, as the case may he, and thereupon the State Development Bank and District Development Banks may enforce the mortgages vested in them as if the properties mortgaged to the Madhya Pradesh State Co-operative Land Development Bank and its Primary Land Development Banks were mortgaged to the State Development Bank and its District Development Banks.(4)The Share-holders, debenture-holders and depositors of the Madhya Pradesh State Co-operative Land Development Bank and the Primary Land Development Banks shall be deemed to be the shat e-holders, debenture-holders and depositors respectively of the State Development Bank and District Development Banks, as the case may be, from the date of commencement of this Act and they shall enjoy all the rights and privileges of the share-holders, debenture-holders and depositors of the State Development Banks and its District Development Banks.(5)All contracts, bonds, deeds, agreements and other instruments of whatever nature subsisting or having effect on the date of commencement of this Act and to which the Madhya Pradesh State Co-operative Land Development Banks or any Primary Land Development Bank is a party shall from such date he of full force and effect against or in favour of the State Development Banks or the corresponding District Development Bank, as the case may be, and may be enforced as fully anti effectually by the State Development Bank and the District Development Bank.(6)The regulations made by the Board of Directors of the Madhya Pradesh State Co-operative Land Development Bank Limited under the Act repealed by sub-section (1) shall in so far as they are not inconsistent with the provisions of this Act and the Rules made hereunder, continue in force until altered or rescinded under this Act.(7)All notices issued and legal proceedings instituted by or against the Madhya Pradesh State Co-operative Land Development Bank Limited, pending on the commencement of this Act shall, from such date be deemed to have been issued or instituted by or against the State Development Bank.
