Transfer of assets and liabilities of Government to Board.-

As from the appointed day, in relation to any port, Inland Water Ways / Ferry Service and Coastal Protection Works,- (a) all properties, assets and funds and all rights to levy rates vested in the Government for the purposes of the port Inland Water Ways / Ferry Service and Coastal Protection Works immediately before such day, shall be valued by an independent valuer approved by the Government and appoint such valuation, shall vest in the Board; (b) all debts, obligations and liabilities incurred, all contracts entered into, and all matters and things engaged to be done by, with or for the Government immediately before such day, for or in connection with the purposes of the non-major port, Inland Water Ways / Ferry Service and Coastal Protection Works shall be deemed to have been incurred, entered into and engaged to be done by, with, or for the Board; (c) all non-recurring expenditures incurred by the Government for or in connection with purposes of the non-major ports, Inland Water Ways/ Ferry Service and Coastal Protection Works up to such day and declared to be capital expenditure by the State Government shall be treated as the capital provided by the Government to the Board; (d) all rates, fees, rents and other sums of money due to the Government in relation to the non-major port, Inland Water Ways / Ferry Service and Coastal Protection Works immediately before such day, shall be deemed to be due to the Board; (e) all suits and other legal proceedings instituted by or against the Government immediately before such day for any matter in relation to non-major port, Inland Water Ways / Ferry Service and Coastal Protection Works, may be continued by or against the Board.