Clause 21

Upon the coming into operation of this Act, there shall be transferred to the Authority —

After the coming into operation of this Act, there shall be transferred to the Authority such other functions, duties and powers as are conferred by or in pursuance of any written law upon the Minister relating to banking, investment or financial affairs as the President may, from time to time, by notification in the Gazette, specify.

Upon or after the coming into operation of this Act, such movable property, assets, rights, interests and privileges as well as such debts, liabilities and obligations connected therewith or appertaining thereto which are related to finance and are vested in or conferred upon the Minister pursuant to any written law, as the President may by notification in the Gazette specify, shall be deemed to have been transferred to and vested in the Authority without further assurance.

Where in any written law or any document whatsoever there is a reference to the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Accountant-General or the Controller of Foreign Exchange in connection with or related to the performance of any of the functions, duties and powers that are transferred to the Authority under subsection (1) or (2) of this section the written law or document shall have effect as if the Authority had originally been referred to in the written law or document instead of the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Accountant-General or the Controller of Foreign Exchange, as the case may be.

The Minister shall have power to do all acts or things that he considers necessary or expedient to give effect to the provisions of subsections (1), (2) and (3) of this section.

If any question arises as to whether —