The Actuaries Act, 2006
4. Transfer of
assets, liabilities, etc., of Actuarial Society. -
On the appointed
day,-
a.
all
the assets and liabilities of the Actuarial Society shall stand transferred to,
and vested in, the Institute. Explanation.-The assets of the Actuarial Society
shall be deemed to include all rights and powers and all properties, whether
movable or immovable, including, in particular, cash balances, deposits and all
other interests and rights in, or arising out of, such properties as may be in
the possession of the said Society and all books of account and other documents
relating to the same; and liabilities shall be deemed to include all debts,
liabilities and obligations of whatever kind;
b.
without
prejudice to the provisions of clause (a), all debts, obligations and
liabilities incurred, all contracts entered into and all matters and things
engaged to be done by, with or for the Actuarial Society immediately before
that day, for or in connection with the purpose of the said Society, shall be
deemed to have been incurred, entered into or engaged to be done by, with or
for, the Institute;
c.
all
sums of money due to the Actuarial Society immediately before that day shall be
deemed to be due to the Institute; and
d.
all
suits and other legal proceedings instituted or which could have been
instituted by or against the Actuarial Society immediately before that day may
be continued or may be instituted by or against the Institute.