Section 211

all directors of the Corporation and the Chief Executive

Officer holding office under the repealed Act immediately before the coming into operation of this Act shall be deemed to have been appointed under this Act and shall continue to hold such office for the unexpired period of the respective terms of office of such persons under the repealed Act at the time of the repeal of that Act under section 210;

208

the Islamic deposit insurance fund and the conventional deposit insurance fund maintained and administered by the

Corporation under the repealed Act shall be deemed to have been and continue to be maintained and administered by the

Corporation under this Act;

subsidiary legislation and any approval, direction, decision, exemption, recommendation, specification, notice and other act or thing issued, made or done under the repealed

Act and in force or having effect immediately before the coming into operation of this Act, shall be deemed to have been made or done under the corresponding provisions of this Act, and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or substituted;

all transactions, dealings, contracts, powers of attorney or arrangements lawfully executed or entered into and all business lawfully done, under or in accordance with the repealed Act with any other person shall be deemed to have been lawfully and validly executed, entered into or done, under or in accordance with this Act, and accordingly, any right or liability under such transaction, dealing or business existing immediately before the coming into operation of this Act, shall be deemed to continue to be lawful and valid under this Act;

nothing shall affect any person’s liability to be fined, prosecuted or punished for any contravention or offence committed under the repealed Act immediately before the coming into operation of this Act;

any deed lawfully issued or executed under the repealed Act shall be deemed to have been lawfully and validly issued or executed under or in accordance with this Act;

any movable, immovable property and asset purchased, acquired, leased or held by the Corporation under the repealed Act shall be deemed to have been purchased,

Malaysia Deposit Insurance Corporation 209

acquired, leased or held under or in accordance with this

Act;

any reference to the repealed Act in any written law shall be construed as a reference to this Act and any reference to any specific provision of the repealed Act in any written law shall be construed as a reference to a provision of this Act which corresponds as nearly as may be to such specific provision;

any act required to be done under the repealed Act shall be deemed to be required to be done under or in accordance with this Act;

any right, benefit, privilege, obligation or liability acquired, accrued or incurred under the repealed Act, including any obligation to preserve secrecy, shall not be affected by this

Act and shall continue to remain in full force and effect; and

all acts or things done in accordance with the repealed Act shall be deemed to have been done in accordance with this

Act and accordingly, shall continue to be valid and lawful under this Act.

Transfer of certain funds from Bank Negara Malaysia