Section 92

Any exemption granted by the Authority under section 6(2) of the repealed Act immediately before 1 May 2011 continues and is deemed to have been granted under section 6(2) of this Act, and any condition to which the exemption was subject immediately before that date continues and is deemed to have been imposed under section 6(5) of this Act.

Any assets, investments or moneys which were part of the DI Fund established under section 9(1) of the repealed Act (whether held in the name of the DI Fund or otherwise) immediately before 1 May 2011, are deemed to be assets, investments and moneys forming part of the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Any approval granted by the Minister under section 11 of the repealed Act in respect of the types of investments that the Agency may invest any money in the DI Fund, continues and is deemed to have been granted by the Minister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Any director holding office at the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency immediately before 1 May 2011, continues to hold appointment as such at the company designated by the Minister under section 56 of this Act.

The following provisions 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employees, consultants and agents appointed as such by the company designated by the Minister under section 12 of the repealed Act to be the deposit insurance agency, pursuant to section 18 of that Act immediately before 1 May 2011:

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(8), every DI Scheme member which has received a notice to pay a premium contribution under section 23 of the repealed Act for the premium year beginning on 1 April 2011 and ending on 31 March 2012, may from 1 May 2011 be required to pay a further premium contribution under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

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

Despite subsection (7), the Authority must, 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by a DI Scheme member, take into consideration any premium contribution which that DI Scheme member has paid under the repealed Act for the premium year beginning on 1 April 2011 and ending on 31 March 2012.

Section 19 of this Act applies, 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 1 April 2011 and ending on 31 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 1 May 2011 but before the memorandum and articles of association of the Agency have been amended is not invalid by reason only of the fact that the Agency was without capacity or power to do such act.

To avoid doubt, section 25(2) and (3) of the Companies Act 1967 does not apply to any act or purported act of the Agency referred to in subsection (10).

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 1 May 2011.