Section 39: Savings

39. Savings.—Upon the commencement of this Ordinance,— (a) all funds, moneys, properties, rights and interests of whatever kind, issued, used, enjoyed, possessed owned or vested in the Small and Medium Enterprises Development Authority in existence immediately before such commencement and all liabilities legally subsisting against the said Small and Medium Enterprises Development Authority shall pass onto the Authority as established under this Ordinance; (b) everything done, action taken, obligations and liabilities incurred, persons appointed or authorized and orders issued prior to such commencement shall be continued and be deemed to have been done, taken, incurred, appointed or authorized, instituted or issued by the Authority; and (c) all acts, deeds and thing done, orders passed, decisions taken, directions issued in pursuance of the Federal Government's Notification No. 5(20) E&FI/98, dated the 13th October,1998, shall be deemed to have been done, passed, taken or issued under this Ordinance.

Effective date: 2002-01-01

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