Marginal note:Effects of continuance
38 Where a body corporate is continued as a bank under this Part,
(a) the property of the body corporate continues to be the property of the bank;
(b) the bank continues to be liable for the obligations of the body corporate;
(c) an existing cause of action or claim by or against the body corporate or any liability of the body corporate to prosecution is unaffected;
(d) a civil, criminal or administrative action or proceeding pending by or against the body corporate may continue to be prosecuted by or against the bank;
(e) a conviction against, or any ruling, order or judgment in favour of or against the body corporate may be enforced by or against the bank;
(f) a person who, on the day the body corporate becomes a bank, was the holder of a security issued by the body corporate is not deprived of any right or privilege available to the person at that time in respect of the security or relieved of any liability in respect thereof, but any such right or privilege may be exercised only in accordance with this Act; and
(g) the by-laws of the body corporate, except those that are in conflict with this Act, continue as the by-laws of the bank.
- Date modified: