Industrial Grants Act, 1959

Preservation of continuing contracts.

11.—Every bond, guarantee, mortgage or other security of a continuing nature made or given in the course of the exercise or performance by the Authority of their duties, powers and functions under the Act of 1956 by the Authority to any person or by any person to the Authority, and in force immediately before the commencement day and every contract or agreement in writing so made between the Authority and another person and not fully executed and completed before the commencement day shall, notwithstanding the repeal of the Act of 1956, continue in force on and after the commencement day but shall be construed and have effect as if the name of the Board were substituted therein for the name of the Authority and such security, contract or agreement shall be enforceable by or against the Board accordingly.