law: The Small Industries Development Bank of India Act, 1989 
  32. Transfer of part of
  
  business of Development Bank 
  1.     
  
    On
  
  such date as the Central Government may by notification, appoint, the business,
  
  assets and liabilities, rights, interests, privileges and obligations of the
  
  Development Bank relating to the Small Industries Development Fund and the
  
  National Equity Fund (hereinafter in this section referred to as Fund) shall
  
  stand transferred to, and vest in, the Small Industries Bank.
  Explanation. "Small Industries
  
  Development Fund" and "National Equity Fund" mean the Small
  
  Industries Development Fund and National Equity Fund referred to as such in the
  
  books and accounts of the Development Bank on the day immediately preceding the
  
  date appointed in this sub-section.
  1.     
  
  
  2.     
  
    For
  
  the transfer to ad vesting in, the Small Industries Bank under sub-section (1)
  
  of the Funds, that Bank shall pay to the pay to the Development Bank such
  
  amount and on such terms and conditions as the Development Bank may determine.
  3.     
  
    All
  
  contract, deeds, bonds, agreements, powers of attorney, grants of legal
  
  representation and other instruments of whatever nature which relate to the
  
  Funds and which are subsisting or having effect immediately before the date
  
  referred to in sub-section (1) and to which the Development Bank is a part or
  
  which are in favour of the Development Bank shall,-
  a.     
  
    If
  
  they relate exclusively to the Funds, be of full force and effect against or in
  
  favour of the Small Industries Bank and may be enforced and acted upon as fully
  
  and effectively as I, instead of the Development Bank, the Small Industries
  
  Bank had been a party thereto or as if they had been issued in favour of the
  
  Small Industries Bank; and
  b.    
  
  
  
    If
  
  they relate not only to the Funds but also to any of the other business or
  
  functions of the Development Bank, be of full force and effect against or in
  
  favour of both the Development Bank and the Small Industries Bank and may be
  
  enforced or acted upon as fully and effectively as if, in addition to the
  
  Development Bank, the Small Industries Bank had also been a party thereto or as
  
  if they had been issued in favour of the Development Bank and also the Small
  
  Industries 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 Funds is pending, the same shall
  
  not abate, e discontinued or be in any way prejudicially affected by reason of
  
  the transfer to the Small Industries 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 Funds, be continued, prosecuted and enforced by
  
  or against the Small Industries Bank; and
  b.    
  
    Where
  
  it relates not only to the Funds but also to any of the other business or
  
  functions of the Development Bank be continued, prosecuted and enforced by or
  
  against the Development Bank and the Small Industries Bank or, if the Central
  
  Government by order in writing so directs, by or against such one of them, as
  
  may be specified in such order.
  1.     
  
  
  2.     
  
  
  3.     
  
  
  4.     
  
  
  5.     
  
    If
  
  any question arises as to whether any contract, deed, bond, agreement, power 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 relate exclusively to the Funds it shall be referred
  
  to the Development Bank for decision and the decision of the Development Bank
  
  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.