Repeal of the Bihar State Water and Sewage Board Act, 1982 (Bihar Act 56,1982).

The Bihar State Water and Sewage Board Act, 1982 (Bihar Act 56,1982) is hereby repealed.

Notwithstanding such repeal (a) All the Assets, whether movable or immovable, liabilities of all kinds and nature, with on-going contracts or business, litigations or any other obligations of any other nature or kind of Bihar Rajya Jal Parshad will merged with Bihar Urban Infrastructure Development Corporation and shall become part of Bihar Urban Infrastructure Development Corporation.

1. (b) All the employees, Officers of Bihar Rajya Jal Parshad, whether technical, non-technical, permanent, on-deputation or of any other nature shall be the employees of the Bihar Urban Infrastructure Development Corporation in conformity with their service-condition.
2. (c) All the assets and liabilities of Bihar Rajya Jal Parshad shall be valued by registered valuer and similarly Bihar Urban Infrastructure Development Corporation shall get its shares valued and the shares of Bihar Urban Infrastructure Development Corporation equivalent to the amount of Net worth of Bihar Rajya Jal Parshad, shall be issued in the name of Governor of Bihar on the basis of valued amount or the nominal value whichever is higher. i.e. either on premium or on face value, whichever is higher.