Section 40

All subsidiary legislations in force immediately before the appointed date made under the 1948 Act shall, with necessary modifications, continue in force and have effect as if they have been made under this Act, and may be amended or repealed by regulations made under this Act.

All deposits made and all entries in depositors’ passbooks, and all funds invested in securities remaining unsold on the appointed date and all other business transacted under the 1948 Act shall, so far as may be consistent with this Act, be deemed to be deposits and entries made, funds invested and business transacted under this Act.

Transfer of land and property