Section 27: Repeals, savings, etc.

(1) The Students Loans Board Act (in this section referred to as "the repealed enactment") is hereby repealed and the Students Loans Board established thereunder is hereby dissolved.
(2) All assets, funds, resources and other movable or immovable properties which immediately before the commencement of this Act were vested in the Students Loans Board shall by virtue of this Act and without any further assurance, be vested in the Bank.
(3) As from the commencement of this Act-
(a) the rights, interests, obligations and liabilities of the Students Loans Board, under any contract or instrument or at law or in equity are hereby assigned to and vested in the Bank without any further assurance; and
(b) a contract or instrument as is mentioned in paragraph (a) of this subsection shall be of the same force and effect against or in favour of the Bank and shall be enforceable as fully and effectively as if instead of the Students Loans Board the Bank has been named therein or had been a party thereto.
(4) A proceeding or cause of action pending or existing immediately before the commencement of this Act by or against the Students Loans Board in respect of any right, interest, obligation or liability of the Students Loans Board may be continued, as the case may be by or against the Bank.
(5) A determination of a court of law, tribunal or other authority or person made in a proceeding or cause of action referred to in subsection (4) of this section may be enforced by or against the Bank, to the same extent that the proceeding, cause of action or determination could have been continued commenced or enforced by or against the Students Loans Boards aforesaid if this Act had not been made.
(6) Notwithstanding the repeal of the enactment referred to in this section, if the Board thinks it expedient that any vacancy in the Bank should be filled by a person holding office at the commencement of this Act in the Students Loans Board, it may employ that person by way of transfer to the Bank and the previous service in the Students Loans Board by the person shall count as service for the purposes of any pension subsequently payable by the Bank.
(7) A loan granted to a student by the Students Loans Board shall be deemed to be granted by the Bank under this Act and shall, accordingly, be recovered by the Bank.
(8) The Minister, if he thinks fit, may, within the twelve months after the commencement of this Act, by order published in the Gazette, make additional transitional or saving provisions for the better carrying out of the objectives of this section.