64Repeal of Railways Retirement Fund Act 1964

64 Repeal of Railways Retirement Fund Act 1964

64 Repeal of Railways Retirement Fund Act 1964

(1) The Railways Retirement Fund Act 1964 is hereby repealed.

(2) A member of the Railways Retirement Fund Board constituted under the Railways Retirement Fund Act 1964 shall not be entitled to any compensation by reason of his ceasing to hold office as such a member.

(3) All real and personal property including all investments, cash on deposit or in hand, and all books, accounts, records, certificates and deeds and all right and interest therein and all management and control thereof which immediately before the commencement of this Act were vested in the Railways Retirement Fund Board shall be vested in and belong to the Board.

(4) All moneys and liquidated and unliquidated claims which immediately before the commencement of this Act were payable to or recoverable by the Railways Retirement Fund Board shall be moneys and liquidated and unliquidated claims payable to or recoverable by the Board.

(5) All suits, actions and proceedings pending immediately before the commencement of this Act at the suit of the Railways Retirement Fund Board or of any person against the Railways Retirement Fund Board in respect of any matter or claim shall respectively be suits, actions and proceedings pending at the suit of the Board or of such other person against the Board, as the case may be.

(6) All contracts, agreements and undertakings entered into with, and all securities lawfully given to or by, the Railways Retirement Fund Board and in force immediately before the commencement of this Act shall be deemed to be contracts, agreements and undertakings entered into with, and securities given to or by, the Board.

(7) The Board may pursue the same remedy for the recovery of any such moneys and claims and for the prosecution of such suits, claims and proceedings as the Railways Retirement Fund Board might have done but for this Act.

(8) The Board may enforce and realise any security or charge existing immediately before the commencement of this Act in favour of the Railways Retirement Fund Board in respect of any such moneys and claims as if the security or charge were existing in favour of the Board.

(9) All debts due and moneys payable by the Railways Retirement Fund Board immediately before the commencement of this Act and all liquidated or unliquidated claims recoverable against the Railways Retirement Fund Board immediately before that commencement shall be debts due and moneys payable by, and claims recoverable against, the Board.