Section 4: Effect of transfer of undertaking

4. Effect of transfer of undertaking Notwithstanding any other enactment or anything contained in any contract or agreement— (a) any right or obligation existing in favour of or against the Savings Bank before the appointed day shall, subject to this Act, in respect of the undertaking vested in the Company, on the appointed day, be a right or obligation enforceable in favour of or against the Company; (b) nothing contained in or authorised by this Act shall— (i) invalidate or discharge the contract or agreement; (ii) release any surety wholly or in part from all or any liability under or in respect of the contract or agreement; or (iii) otherwise place the Company in a position which is less favourable than the Savings Bank would have been if this Act had not been passed.