Section 3: Transfer of undertaking
consolidated text (as at 2003). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
3. Transfer of undertaking
(1) The undertaking of the Savings Bank shall, on the appointed day, vest
in the Company without formality.
(2) Any amount standing in the reserve fund of the Savings Bank shall,
on the day immediately before the appointed day, be transferred to the
Consolidated Fund.
(3) Any unclaimed deposit at the Savings Bank under section 13 of the
repealed Act shall be transferred to the Consolidated Fund on the day immediately before the appointed day.
(4) Any claim to money transferred under subsection (3) shall be made to
the Accountant-General who shall, upon a certificate of entitlement issued
by the Company, pay out of the Consolidated Fund the sum specified on the
certificate to the person named in the certificate.
(5) The Government, acting by and through the Financial Secretary, and
the Company, acting by and through its Chief Executive Officer, shall, before
the appointed day sign a deed under private signatures which shall list the
items comprised in the undertaking.