Section 1: Where the central bank authorises the transfer of the whole or part of the

1. Where the central bank authorises the transfer of the whole or part of the undertaking of a bank under section 32A— (a) all assets and liabilities that form part of the undertaking of the transferor bank on the day immediately before the appointed day and are listed in the final list of assets and liabilities submitted to the Registrar-General under section 32A (8), shall, on the appointed day, vest in and continue to be the assets and liabilities of the transferee bank, without the need for any further formality; (b) the transferor bank shall, in respect of the transferred undertaking, on the appointed day, be released from all liabilities and obligations that form part of its undertaking on the day immediately before the appointed day; (c) all proceedings started and pending by or against the transferor bank that form part of the undertaking of the transferor bank on the day immediately before the appointed day shall, in respect of the transferred undertaking, on the appointed day, be continued by or against the transferee bank, and the transferee bank shall, in respect of the transferred undertaking, be entitled to all defences, claims, counterclaims and rights of set-off or compensation which would have been available to the transferor bank in relation to such proceedings; (d) any ruling, order or judgment in favour of or against the transferor bank, in respect of the undertaking of the transferor bank on the day immediately before the appointed day shall, in respect of the transferred undertaking, on the appointed day, be enforceable by or against the transferee bank; (e) any mortgage, privilege, charge, bond, pledge, guarantee or any other security interest that form part of the undertaking of the transferor bank on the day immediately before the appointed day and was made or given to secure past, present and future advances, facilities or services by the transferor bank shall, in respect of the transferred undertaking, on the appointed day, remain in full force and be considered to be a mortgage, privilege, bond, pledge, guarantee or instrument given to or in favour of the transferee bank, as security for past, present and future advances, facilities or services by the transferee bank, without the need for any further formality; (f) every book, record and other document of the transferor bank that form part of its undertaking on the day immediately before the appointed day shall, in respect of the transferred undertaking, on the appointed day, vest in the transferee bank.