Amendment status not verified — confirm the current text below against the official source.
(1) The Kerala Co-operative Land Mortgage Banks Act, 1960 (1 of 1960), is hereby repealed. (2) Notwithstanding such repeal, all appointments, rules, orders and transactions made, notifications and notices issued, and suits and other proceedings instituted, under the Act hereby repealed shall, so far as may be, deemed to have been respectively made, issued or instituted under this Act. (3) The regulations made by the Board of Directors of the Kerala Co-operative Central Land Mortgage Bank Limited under the Act repealed by sub section (1) shall, in so far as they are not inconsistent with the provisions of this Act and the rules made thereunder, continue in force until altered or rescinded under this Act. (4) The bye-laws made by any primary land mortgage bank before the commencement of this Act shall, in so far as they are not inconsistent with the provisions of this Act and the rules made thereunder, continue in force until altered or rescinded under this Act. (5) The Board of Directors of the Kerala Co-operative Central Land Mortgage Bank Limited and the committee of every primary land mortgage bank existing immediately before the commencement of this Act, shall subject to the provisions of the regulations or bye-laws, as the case may be, applicable thereto, continue to function as such till the expiry of its term in accordance with such regulations or bye-laws, as the case may be.