Securities Industry Act - The Bahamas Laws On-Line - The ...

CH.363 – 66]
SECURITIES INDUSTRY
Transitional
provisions.
95. (1) Upon the day of the coming into operation of
this Act —
(a) every person who immediately before that day
was appointed a member to the former Securities
Board shall be deemed to have been appointed
under this Act and shall continue to serve in that
office for the unexpired portion of the term
remaining to be served;
(b) all real and personal property and every right
and interest in property that immediately before
that day was vested in the former Securities
Board under the repealed Act, shall, by force of
this section, be transferred to and vested in the
Commission for the purposes of this Act subject
to any debts, trusts and liabilities affecting them;
(c) all rights accruing or accrued to the former
Securities Board in respect of any property
vested in the Commission by virtue of this
section are vested in the Commission and may
be enforced against the Commission;
(d) all contracts, agreements, leases and undertakings
made by the former Securities Board and all
securities lawfully given to or by the former
Securities Board and in force immediately before
that day shall have effect as contracts, agreements,
leases and undertakings by and with the
Commission and may be enforced by and against
the Commission accordingly;
(e) all debts due and moneys payable by the former
Securities Board and all claims, liquidated or
unliquidated, recoverable against the former
Securities Board shall be debts due and moneys
payable by and claims recoverable against the
Commission;
(f) any legal or other proceedings that might, but for
this section, have been continued or commenced
by or against the former Securities Board may be
continued or commenced by or against the
Commission.
(2) A reference —
(a) in a law of The Bahamas; and
(b) in any document,
STATUTE LAW OF THE BAHAMAS LRO 1/2010