law: National Bank for Agriculture and Rural Development Act, 1981 
  18. Transfer of
  
  business from Reserve Bank.- 
  1.     
  
    On
  
  such date as the Central Government may, in consultation with the Reserve Bank,
  
  by notification, appoint, the assets and liabilities with the Reserve Bank
  
  relating to-
  a.     
  
    the
  
  National Agricultural Credit (Long Term Operations) Fund established and
  
  maintained under section 46A of the Reserve Bank of India Act, 1934 (2 of
  
  1934); and
  b.    
  
    the
  
  National Agricultural Credit (Stabilisation) Fund established and maintained
  
  under section 46B of the Reserve Bank of India Act, 1934 (2 of 1934), shall
  
  stand transferred to the National Bank and form part of the National Rural
  
  Credit (Long Term Operations) Fund referred to in section 42 and the National
  
  Rural Credit (Stabilisation) Fund referred to in section 43, respectively.
  1.     
  
  
  2.     
  
    With
  
  effect from such date as the Central Government may, in consultation with the
  
  Reserve Bank, by notification, appoint, the loans and advances which the
  
  Reserve Bank has granted to State co- operative banks and regional rural banks
  
  under section 17 [except sub- clause (a) of clause (4)] of the Reserve Bank of
  
  India Act, 1934 (2 of 1934), and which the Reserve Bank may specify by a
  
  general or special order, shall, as far as may be, become and be deemed to be
  
  loans and advances granted by the National Bank under section 21, and the
  
  National Bank shall repay to the Reserve Bank, the amount of such loans and
  
  advances on such terms and conditions as the Central Government may specify, in
  
  consultation with the Reserve Bank.
  3.     
  
    All
  
  rights, liabilities interests, privileges and obligations of whatever nature
  
  (including the rights and obligations arising by way of purchase, sale and
  
  rediscount of any bills of exchange and promissory notes) of the Reserve Bank
  
  in relation to any asset or liability referred to in sub-section (1) or any
  
  loan or advance referred to in sub-section (2) shall stand transferred to and
  
  vest in the National Bank on the date on which such asset or liability stands
  
  transferred to the National Bank under sub-section (1) or, as the case may be,
  
  such loan or advance becomes under sub-section (2) a loan or advance granted by
  
  the National Bank.
  4.     
  
    All
  
  contracts, deeds, bonds, agreements, powers of attorney, grants of legal
  
  representation and other instruments of whatever nature relating to any asset
  
  or liability referred to in sub-section (1) and subsisting or having effect
  
  immediately before the date appointed under that sub-section or relating to any
  
  loan or advance referred to in sub-section (2) and subsisting or having effect
  
  immediately before the date appointed under that sub-section shall be of as
  
  full force and effect against, or in favour of, the National Bank, as the case
  
  may be, and may be enforced or acted upon as fully and effectually as if
  
  instead of the Reserve Bank, the National Bank had been a party thereto, or as
  
  if they had been in favour of the National Bank.
  5.     
  
    If,
  
  immediately before the date appointed under sub-section (1) or sub-section (2),
  
  as the case may be, any suit, appeal or other legal proceedings of whatever
  
  nature relating to any asset or liability referred to in sub-section (1) or any
  
  loan or advance referred to in sub-section (2) is pending, by or against the
  
  Reserve Bank, the same shall not abate, be discontinued, or be in any way prejudicially
  
  affected by reason of the transfer to the National Bank of such asset or
  
  liability under sub-section (1), or as the case may be, such loan or advance
  
  becoming under sub-section (2) a loan or advance granted by the National Bank,
  
  or of anything contained in this Act, but the suit, appeal or other proceedings
  
  may be continued, prosecuted and enforced, by or against the National Bank.