Transitional provisions

(1) Unless otherwise provided by or under this Act, all agreements, contracts or other instruments subsisting or having effect immediately before the coming into force of this Act in respect of which the former Development Finance Corporation was a party or which enured to the benefit of the former Development Finance Corporation shall, in so far as they relate to the undertaking of the former Development Finance Corporation, remain valid in favour or otherwise of the new Corporation, and may be acted upon by or against the new (2) Where immediately before the coming into force of this Act any action, appeal or other legal proceeding is pending by 32 or against the former Development Finance Corporation in respect of the functions of the former Development Finance Corporation that action, appeal or other legal proceeding may be continued or prosecuted by or against the new Corporation. (3) On the day this Act comes into force, all property of the former Development Finance Corporation becomes the property of the new Corporation and is vested in the new Corporation without transfer, conveyance or assurance. (4) An employee of the former Development Finance Corporation who on the coming into force of this Act is employed by the former Development Finance Corporation shall be transferred to the new Corporation and become an employee of the Corporation and all benefits accruing to an employee at the time of the transition shall continue to accrue as if this Act had not been passed.