Sri Lanka Consolidated Acts

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Insurance Corporation Act (No. 2 of 1961) - Sect 9

Transfer to the Corporation of the assets, liabilities and contracts of the Co-operative Insurance Department

9. With effect from the appointed date, all the assets, liabilities and contracts of the Co-operative Insurance Department shall be transferred to the Corporation and upon such transfer-
(a) such assets shall vest in and be deemed to be the assets of the Corporation;
(b) such liabilities shall be deemed to be the liabilities of the Corporation; and
(c) such contracts shall be deemed to be the contracts of the Corporation and all subsisting rights and obligations of the Co-operative Insurance Department under such contracts shall be deemed to be the rights and obligations of the Corporation.

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