Vesting and transfer of property to the Corporation.

TRANSFER OF EMPLOYEES

1. (1) From such date as may be specified from time to time, by the State Government (hereinafter in this section referred to as “the appointed date”),—
   • (a) the assigned projects of the Corporation and their assets comprising movables and immovables including irrigation project works under construction, specified in that behalf, situated in the area of operation of the Corporation, which immediately before the appointed date vested in the State Government and were under the control of the 7[Department of Water Resources], shall vest in and stand transferred to the Corporation, and all income derived and expenses incurred in that behalf be brought on the books of the Corporation; and
   • (b) the rights, liabilities and obligations of the State Government, whether arising out of any contract or otherwise pertaining to the said projects of the State Government, shall be deemed to be the rights, liabilities and obligations of the Corporation.
2. (2) Such properties, assets, rights, liabilities and obligations shall be valued in such manner as the State Government may determine.
3. (3) All suits and other legal proceedings with respect to any Scheme for the development of the Tillari Irrigation Project entrusted to the Corporation, instituted or defended by or against the State Government before the appointed date may be continued, or instituted, or defended by or against the Corporation.