The original savings banks and their Boards of Trustees shall be dissolved:

All real and personal property belonging to the original banks shall become vested in the new bank:

All money payable to the original banks shall become payable to the new bank:

All liabilities, contracts, and engagements, and all rights and authorities of any nature whatever, of the original banks shall become liabilities, contracts, engagements, rights, and authorities of the new bank:

All proceedings pending by or against the original banks may be carried on or prosecuted by or against the new bank:

All depositors in the original banks shall become depositors in the new bank as if the amounts standing to their credit, with all accrued interest, had been deposited in the new bank.

The Board of Trustees of the dissolved bank shall be dissolved:

All real and personal property belonging to the dissolved bank shall become vested in the other bank specified in the Order in Council:

All money payable to the dissolved bank shall become payable to the other bank:

All liabilities, contracts, and engagements, and all rights and authorities of any nature whatever, of the dissolved bank shall become liabilities, contracts, engagements, rights, and authorities of the other bank:

All proceedings pending by or against the dissolved bank may be carried on or prosecuted by or against the other bank:

All depositors in the dissolved bank shall become depositors in the other bank as if the amounts standing to their credit, with all accrued interest, had been deposited in the other bank.

The Order in Council shall define the boundaries of each part of the area of operations which is to be transferred to each of the other banks, and, subject to such apportionment between those banks as may be specified in the Order in Council and to the provisions of this subsection, subsection (3) of this section shall, with the necessary modifications, apply accordingly:

Subject to paragraph (d) of this subsection, all land and interests in land vested in the dissolved bank and situated within each part of the area of operations so transferred shall become vested in the bank to which the part is transferred, except as may be otherwise provided for in the same or in a subsequent Order in Council, and any such land or interests not so vested shall, on the gazetting of the relevant Order in Council, become vested in the other bank specified therein:

Subject to paragraph (d) of this subsection, if any land or interest in land vested in the dissolved bank is situated outside that bank’s area of operations, the Governor-General shall, by the same or a subsequent Order in Council, specify which of the other banks in which the land or interest is to be vested, and, on the gazetting of the relevant Order in Council, the land or interest shall become vested in the bank specified therein:

If 2 or more pieces of land, or if any interests in 2 or more pieces of land, are comprised in 1 document or instrument of title, the land or interests shall become vested in only 1 of the other banks, being such 1 of those banks as may be specified in the same or in a subsequent Order in Council:

Before any bank forwards a written request to the District Land Registrar under subsection (6) of this section, the request shall be submitted to the Secretary to the Treasury who shall, on satisfying himself of the accuracy of the request, endorse on the request a certificate under his hand to the effect that the land and interests in land specified in the request have become vested in the bank.

Change the name or names of the bank or banks to which any operations of the dissolved bank are transferred:

Provide that the number of trustees on the Board of any bank or banks to which any operations of a dissolved bank are to be transferred may, for a period not exceeding 5 years after the date of dissolution, exceed the maximum number permitted under subsection (2) of section 6 of this Act:

Provide for such other matters as may be necessary or expedient for the transfer of operations.

The money is to be available for payment of any cheque drawn on, or for payment in accordance with any other written order given to, the bank by or on behalf of the person in whose name the account stands:

No interest shall be paid by the bank on money standing to the credit of the account:

No overdrafts shall be granted by the bank:

The provisions of subsection (2) of section 18 of this Act shall not apply to current accounts:

Such other requirements and conditions as may be prescribed by any regulations for the time being in force under this Act.”