Chapter II — TRANSFER OF THE UNDERTAKINGS OF EXISTING BANKS AND SHARE CAPITALS OF THE CORRESPONDING NEW BANKS

Section 4Undertaking of existing banks to vest in corresponding new banks

Section 4: Undertaking of existing banks to vest in corresponding new banks

4. Undertaking of existing banks to vest in corresponding new banks

On the commencement of this Act, the undertaking of every existing bank shall be transferred to, and shall vest in, the corresponding new bank.