The Industrial Development Bank (Transfer of Undertaking and Repeal) Act

Concession, etc., to be deemed to have been granted to Company

Tax exemption or benefit to continue to have effect

Guarantee to be operative

Shares, bonds and debentures to be deemed to be approved securities

Act to have overriding effect

Application of other laws not barred

Amendment to certain enactments

Substitution in Acts, rules, regulations or notifications by Company in place of Development  Bank

Power to remove difficulties

Repeal and saving of Act 18 of 1964


MISCELLANEOUS


(1) On the appointed day, the Industrial Development
Bank of India Act, 1964, shall stand repealed.

(2) Notwithstanding the repeal of the Industrial Development Bank of India Act, 1964, the provisions
of section 30A of the Act so repealed will continue to be applicable in respect of the arrangement entered
into by the Development Bank with an industrial concern up to the appointed day and the Company will
be entitled to act upon and enforce the same as fully and effectually as if this Act has not been enacted.

LAWGIST

# 15 Repeal and saving of Act 18 of 1964