Clause 2

Upon the coming into operation of this Act the benefits of all the loans and advances directly or indirectly made by the Economic Development Board (hereinafter in this Act referred to as “the Board”) established under the Economic Development Board Ordinance, 1961 (Ord. 21 of 1961), to industrial enterprises (as therein defined) under the powers conferred on it by paragraph (c) of subsection (1) of section 16 of the Economic Development Board Ordinance, 1961 (hereinafter in this Act referred to as “the Ordinance”) and of all debentures of industrial enterprises subscribed by or granted to the Board under the said powers including all rights, liabilities, obligations, guarantees, interests and privileges appertaining to such loans, advances and debentures shall, without further assurance or assignment, be deemed to be transferred to and vested in the Minister for Finance who may transfer any such loans, advances or debentures to such bank as he may appoint.