(1) As from the appointed day, the Financial Corporation constituted under the State Financial Corporations Act, 1951 (63 of 1951), for the State of Andhra Pradesh shall be deemed to have been constituted for that State with its area as altered by the provisions of Part II of this Act.
     (2) As from the appointed day, the Madras Industrial Investment Corporation constituted for the State of Madras shall be deemed to have been constituted for that State with its area as altered by the provisions of Part II of this Act.