Transfer of assets and liabilities of the defunct khadi and village industries board

Transfer of assets and liabilities of the defunct khadi and village industries board.—

1. (1) All assets and liabilities, including the staff, office furniture, records, funds, etc. of the defunct Khadi and Village Industries Board shall stand transferred and vest in the Board constituted under this Act with effect from the date of its constitution.
2. (2) The staff so transferred shall be governed by the service conditions to be framed by the Board with the prior approval of the Government.