Section 63: Repeal, savings, etc., of 1989 No. 20.

(1) The Insurance Special Supervision Fund Act is hereby repealed and the Fund established thereunder is consequently dissolved.
(2) Without prejudice to section 6 of the Interpretation Act, the repeal of the enactment specified in subsection (1) of this section, shall not affect anything done under or pursuant to that enactment.
(3) The rights, interests, obligations and liabilities of the fund existing before the commencement of this Act, under any contract or instrument, or in law or in equity apart from any contract or instrument, shall by virtue of this Act be assigned to and vested in the Commission established by this Act.
(4) Any such contract or instrument as is mentioned in subsection (3) of this section shall be of the same force and effect, against or in favour of the Commission established by this Act and shall be enforceable as fully and effectively as if, instead of the Fund, the Commission established by this Act has been named therein or had been a party thereto.
(5) The Commission established by this Act shall be subject to all the obligations and liabilities to which the Fund was subject immediately before the commencement of this Act and all other persons shall have the same rights, powers and remedies against the Commission established by this Act as they had against the Fund immediately before the commencement of this Act.
(6) Any proceeding or cause of action pending or existing immediately before the commencement of this Act by or against the Fund in respect of any right, interest, obligation or liability of the Fund may be continued or, as the case may be, commenced and any determination of a court of law, tribunal or other authority or person may be enforced by or against the Commission established by this Act to the same extent that such proceeding, cause of action or determination might have been continued, commenced or enforced by or against the Fund as if this Act had not been made.
(7) All assets, funds, resources and other movable property which immediately before the commencement of this Act were vested in the Fund shall by virtue of this Act and without further assurance, be vested in the Commission established by this Act.
(8) Notwithstanding the repeal of the enactment referred to in subsection (1) of this section, if the Commission established by this Act thinks it expedient that any vacancy in the Commission established by this Act should be filled by a person holding office at the commencement of this Act in the Fund, it may employ such person by way of transfer to the Commission established by this Act and the previous service in the Fund by such person shall count as service for the purposes of any pensions subsequently payable by the Commission established by this Act.
(9) The Minister may, if he thinks fit, within twelve months after the commencement of the Act, by order published in the Gazette, make additional transitional provisions for the better implementation of the provisions of this section.