Expenditure and contracts made before the establishment of the Board

All debts and expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the State Government, in connection with or for the purposes of this Act before and up to the date of the establishment of the Board shall be deemed to have been respectively incurred, entered into or engaged to be done by, with or for the Board, and all suits, and other legal proceedings instituted by or against the State Government in respect thereof shall be deemed to be instituted and continued as such by or against the Board, as the case may be.