| (2) Notwithstanding the repeal of the aforesaid Act
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| (a) all moneys lying to the credit of the State Gem Corporation on the day immediately preceding the appointed date shall stand transferred with effect from that date to the Fund of the Authority established under this Act; | | |
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| (b) all property movable or immovable owned by the State Gem Corporation and used for the purposes of the Corporation on the day immediately preceding the appointed date shall vest in the Authority with effect from the appointed date; | | |
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| (c) all debts and liabilities of the State Gem Corporation subsisting on the day immediately preceding the appointed date shall be deemed to be debts and liabilities of the Authority with effect from the appointed date; | | |
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| (d) all contracts and agreements entered into for the purposes of the State Gem Corporation and subsisting on the day immediately preceding the appointed date shall be deemed with effect from that date to be contracts and agreements entered into by the Authority ; | | |
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| (e) all actions and proceedings instituted by or against the State Gem Corporation and pending on the day immediately preceding the appointed date shall be deemed with effect from that date to be actions and proceedings instituted by or against the Authority ; | | |
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| (f) all decrees and orders entered or made by any competent court in favour of or against the State Gem Corporation which remain unsatisfied on the day preceding the appointed date shall with effect from that date be deemed to have been entered or made in favour of or against the Authority and may be enforced accordingly; | | |
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| (g) all officers and servants of the State Gem Corporation on the day immediately preceding the appointed date
| | | (i) who are offered employment with the Authority or in any Institution established under Part III, and accepts such offer, shall be employed therein on such terms and conditions as are not less favourable than the terms and conditions of employment that were applicable to them on the day immediately preceding the appointed date, |
| (ii) who are not offered employment with the Authority or in any Institution established under Part III or who are offered employment with such Authority or such Institution and who do not accept such offer, shall be entitled to the payment of such compensation as may be determined by the Minister; |
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| (h) every rule and every by law made under the State Gem Corporation Act, No. 13 of 1971, and in force on the day immediately preceding the appointed date and which are not inconsistent with the provisions of this Act shall be deemed to be rules and bylaws made under this Act; | | |
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| (i) all licences issued or deemed to have been issued under the State Gem Corporation Act, No. 13 of 1971 and in force on the day immediately preceding the appointed date shall be deemed to be licences issued under this Act. | | |
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Sri Lanka Consolidated Acts