(1) Whatever may be mentioned in the Companies Act or any other prevailing law, while the assets or liabilities of any problematic commercial bank or financial institution is transferred to any commercial bank or financial institution or any other body, the following provision shall be applicable in the issue of the assets, liabilities, transaction and other related matters of such commercial bank or financial institution from the date mentioned in the order of the bank. (a) In case of transfer of assets and liabilities of the problematic commercial bank or financial institution to any other commercial bank or financial institution or any other body, all the rights and liabilities upon such assets and liabilities shall automatically be transferred to the recipient commercial bank or financial institution or any other body.
(b) In case of transfer of assets and liabilities under the provision of Clause (a), if it is necessary to transfer or complete other legal procedure for such transfer the respective official have to transfer it in the name of recipient commercial bank or financial institution or any other body.
Provided that, such transfer of assets and liabilities is not considered otherwise only because of not being transfer in the name recipient.
(c) The recipient commercial bank or financial institution or any other body which receives the assets and liabilities of the problematic commercial bank or financial institution, have to follow the terms of the written commitment and directives issued by the bank in time to time under the provision of this Act or other prevailing law related to commercial bank or financial institution. (d) In case of transfer of the assets and liabilities of any problematic commercial bank or financial institution to any commercial bank or financial institution or any other body, for the execution of such it is considered that the license for banking and financial transaction issued under the provision of this Act shall be considered automatically amended for the limit of transaction of transferred assets and liabilities and license issued to the problematic commercial bank or financial institution shall be considered as repealed.
(e) It is considered that all responsibilities occurred from any agreement, contract, right, right to representation, pledge, securities, instruments, etc of the problematic commercial bank or financial institution which assets and liabilities are transferred to the other commercial bank or financial institution or any other body are transferred to the later till the limit of transferred assets and liabilities of the problematic commercial bank or financial institution.
(f) The commercial bank or financial institution or any other body which receives the assets and liabilities under Clause (e) shall operate any action by its own
name till the limit of the assets and liabilities transferred to it from the problematic commercial bank or financial institution on which it was party.