Section 20

Upon the commencement of this Act, such persons as the Minister may decide who were employed by the Government immediately prior to the commencement of this Act and were exercising any of the powers or were discharging any of the functions or duties vested in the Bank by this Act, shall be deemed to be transferred to the service of the Bank on terms not less favourable than those they enjoyed immediately prior to their transfer and such terms (which shall be determined by the Bank) shall take into account the salaries and conditions of service including accrued rights to leave, enjoyed by them while in the employment of the Government.

Notwithstanding subsection (1), the persons who are to be transferred to the service of the Bank, with the exception of persons holding such grades as the Minister may determine, shall as soon as practicable be given the option of remaining in the service of the Government.