Transfer of property and contracts -(1) The Government may, by

(1) The Government may, by notification published in the Gazette, transfer to the Authority- (a) any movable or immovable property of the Department of Fisheries required by the Authority for the discharge of its functions under this Act; and (b) any contract or liability of the Department of Fisheries connected with any of the functions of the Authority. (2) Upon the publication of notification under sub-section (1) in the Gazette- (a) the properties specified in such notification shall vest in, and be the properties of the Authority; (b)the contracts specified in that Order shall be deemed to be the contracts of the Authority and all subsisting rights and obligations of the Department of Fisheries under such contracts shall be deemed to be the rights and obligations of the Authority; (c)the liabilities specified in that notification shall be deemed to be the liabilities of the Authority.