Clause 94

Any exemption granted by the Authority under section 6(2) of the repealed Act immediately before the appointed day —

Any assets, investments or moneys which were part of the DI Fund established under section 9(1) of the repealed Act (whether held in the name of the DI Fund or otherwise) immediately before the appointed day, shall be deemed to be assets, investments and moneys forming part of the DI Fund reconstituted under section 9(1) of this Act.

Any approval granted by the Minister under section 11 of the repealed Act in respect of the types of investments that the Agency may invest any money in the DI Fund, shall continue and be deemed to have been granted by the Minister under section 11 of this Act.

Any director holding office at the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency immediately before the appointed day, shall continue to hold appointment as such at the company designated by the Minister under section 56 of this Act.

The following provisions shall apply to the Chief Executive, other officers, employees, consultants and agents appointed as such by the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency, pursuant to section 18 of that Act immediately before the appointed day:

Subject to subsection (8), every DI Scheme member which has received a notice to pay a premium contribution under section 23 of the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012, may from the appointed day be required to pay a further premium contribution under this Act in respect of the period commencing on the appointed day until 31st March 2012 (both days inclusive).

Sections 12, 14, 16, 17 and 18 of this Act shall apply, with the necessary modifications, to any payment of further premium contribution.

Notwithstanding subsection (7), the Authority shall, when computing the amount of further premium contribution payable by a DI Scheme member, take into consideration any premium contribution which that DI Scheme member has paid under the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012.

Section 19 of this Act shall apply, with the necessary modifications, to any premium contribution which a DI Scheme member has received a notice to pay under section 23 of the repealed Act for the premium year beginning on 1st April 2011 and ending on 31st March 2012.

Any act or purported act of the Agency (including the entering into of an agreement by the Agency and any act done on behalf of the Agency by an officer or agent of the Agency under any purported authority, whether express or implied, of the Agency) in respect of the PPF Scheme after the appointed day but before the memorandum and articles of association of the Agency have been amended shall not be invalid by reason only of the fact that the Agency was without capacity or power to do such act.

For the avoidance of doubt, section 25(2) and (3) of the Companies Act (Cap. 50) shall not apply to any act or purported act of the Agency referred to in subsection (10).

For a period of 2 years after the appointed day, the Minister may, by regulations published in the Gazette, prescribe such additional provisions of a savings or transitional nature consequent on the enactment of this Act, as he may consider necessary or expedient.

In this section, a reference to a provision of the repealed Act is a reference to that provision of that Act in force immediately before the appointed day.