(1) Notwithstanding anythmg contained m .<my law tor the time being in force, or m any . contract. on at11l from the commencement of th1s Act, the entire assets and habtl!; .es, nghts.
title, interest and obligations of the Kerala Co-operatl':e Central Land Mortgage Bank and Pnmary . Land Mortgc1.ge Banks shall stand transferred to and vested m the Agncullural Development Bank and 1ts primary banks, as the case may be, an'l lhereupon the Agricultural Developmen~ Bank, and its pnmar~· hankl> may enforce the mortgages vested in them as if the pronertil-"~' mortgaged to the Kerala Co-operative Central Land Mortga:ge Bank and its primary ballks were mortgaged to the Agricultural Devc.>lopmcnt Bank and its primary banks.
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(2) The share holders, debenture holders and depo.,itors of the Kerala Co-operative Central Land Mortgage Bank and the primary land mortgage banks shall be deemed to be the share holders, debenture holders and depos1tors respectively ot the Agri- ' cultural Development Bank and its primary bank<;, as the case may be, from the date of commencement of this Act ar:d they shall enJoy all tne rights and privileges of the share holders, debenture holders and depositors of the Agricultural Develqpment Bank and its primary banks.
(3) All contracts, deeds, bonds, agreements and other instru ments of whatever nature subsistmg or havmg effect on the date .
of commencement of this Act and to wh1ch the kerala Co-operative Central Land Mortgage Bank or any pnmary land mc·rtgdge bank is a party shall from such date be of full force and effect against or in favour of the Agricultural Development Bank ·or the corres ponding pnmary bank, as the case may Ue, and may be enforced as fully and effectually by the Agricultural Development Bank and the primary bank.