Section 111
General savings
of Development Financial Institutions (Amendment) Act 2015
Every order or subsidiary legislation made and any approval, authority, direction, exemption, requirement, specification, verification or other executive act granted or done by the Bank or the Minister before the effective date of this Act and in force immediately before that date, shall be deemed to have been granted or done under the corresponding provisions introduced or amended by this Act, and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or revoked under the principal Act.
(2)
Every guideline, circular or notice issued by the Bank under section 126 of the principal Act before the effective date of this Act and in force immediately before that date, in relation to any matter which corresponds with sections 33e and 42c of the principal Act as introduced in this Act and sections 41 and 75
of the principal Act as amended by this Act, shall be deemed to be standards which have been lawfully specified under such provisions of the principal Act and shall remain in full force and effect in relation to the person to whom it applied until amended or revoked under the principal Act.
(3)
Every guideline, circular or notice issued under section 126 of the principal Act or generally under the principal
Act before the effective date of this Act and in force immediately before that date, in relation to any matter other than that which
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corresponds with sections 33e and 42c of the principal Act as introduced in this Act and sections 41 and 75 of the principal
Act as amended by this Act, shall be deemed to have been issued under section 126 of the principal Act as amended by this Act and shall continue to remain in full force and effect in relation to the person to whom it applied until amended or revoked under the principal Act.
(4)
The person holding the office of Chief Executive Officer or director immediately before the coming into operation of this
Act shall continue to hold such office for the unexpired period of the terms of office of such person.