law: Export-Import Bank of India Act, 1981
  Chapter VIII:
  
  Transfer of Part of Business of Development Bank
  26. Transfer of part
  
  of business of Development Bank.-
  1.  
  
    On
  
  such date as the Central Government may, by notification, appoint, all
  
  business, property, assets and liabilities, rights, interests, privileges and
  
  obligations of whatever nature of the Development Bank in so far as they relate
  
  to the export financing functions of that Bank shall stand transferred to, and
  
  vest in, the Exim Bank.
  2.  
  
    For
  
  the transfer to, and vesting in, the Exim Bank under sub-section (1), the Exim
  
  Bank shall pay to the Development Bank such amount in such manner and in such
  
  number of instalments as may be determined by the Central Government.
  3.  
  
    All
  
  contracts, deeds, bonds, agreements, powers-of-attorney, grants of legal
  
  representation and other instruments of whatever nature of the Development Bank
  
  which relate to the export financing functions of that Bank and which are
  
  subsisting or having effect immediately before the date referred to in
  
  sub-section (1) and to which the said Bank is a party or which are in favour of
  
  that Bank shall,--
  a.  
  
    if
  
  they relate exclusively to the export financing functions of that Bank, be of
  
  full force and effect against 173 or in favour of the Exim Bank, as the case
  
  may be, and may be enforced and acted upon as fully and effectively as if
  
  instead of the Development Bank the Exim Bank had been a party thereto or as if
  
  they had been issued in favour of the Exim Bank; and
  b.  
  
    if
  
  they relate not only to the export financing functions of the Development Bank
  
  but also to any of the other functions of that Bank, be of full force and
  
  effect against or in favour of both the Development Bank and the Exim Bank and
  
  may be enforced or acted upon as fully and effectively as if in addition to the
  
  Development Bank the Exim Bank had also been a party thereto or as if they had
  
  been issued in favour of the Development Bank and also the Exim Bank.
  1.  
  
  
  2.  
  
  
  3.  
  
  
  4.  
  
    If,
  
  on the date referred to in sub-section (1), any suit, appeal or other legal
  
  proceeding of whatever nature relating to the export financing functions of the
  
  Development Bank is pending, the same shall not abate, be discontinued or be in
  
  any way prejudicially affected by reason of the transfer to the Exim Bank of
  
  the business of the Development Bank or of anything contained in this Act, but
  
  the suit, appeal or other proceeding may,-- (a) where it relates exclusively to
  
  the export financing functions of the Development Bank, be continued,
  
  prosecuted and enforced by or against the Exim Bank; and (b) where it relates
  
  not only to the export financing functions of the Development Bank but also to
  
  any of the other functions of that Bank, be continued, prosecuted and enforced
  
  by or against the Development Bank and the Exim Bank or, if the Central
  
  Government by special order in writing so directs, by or against such one of
  
  the said two Banks, as may be specified in such order.
  5.  
  
    If
  
  any question arises as to whether any contract, deed, bond, agreement,
  
  powers-of-attorney, grant of legal representation or other instrument referred
  
  to in sub-section (3) or any suit, appeal or other legal proceeding referred to
  
  in sub-section (4) relates or relates exclusively to the export financing
  
  functions of the Development Bank, it shall be referred to the Central
  
  Government for decision and the decision of the Central Government thereon
  
  shall be final.
  6.  
  
    The
  
  provisions of this section shall have effect notwithstanding anything contained
  
  in the Industrial Development Bank of India Act, 1964 (18 of 1964) or any other
  
  law or any instrument having force by virtue of the said Act or other law.