(1) There shall be a State Agriculture and Rural Development Bank for the [the Union territory of Jammu and Kashmir] and as many Primary Agriculture and Rural Development Banks, as may be deemed necessary.
(2) A reference to the Land Development Bank or Land Development Banks in any law, or instrument, for the time being in force, shall with effect from the commencement of this Act be construed as a reference to the State Agriculture and Rural Development Bank or Agriculture and Rural Development Bank respectively within the meaning of this Chapter and until such time as the names of the State Land Development Bank and Land Development Bank are changed into State Agriculture and Rural Development Bank and Agriculture and Rural Development respectively, all acts done or mortgages and other documents executed by them, or in their favour and all suits and other proceedings filed, by or against them shall be deemed to have been done, executed or filed, as the case may be, by or against them as State Agriculture and Rural Development Bank or Agriculture and Rural Development Bank.