37. Transfer of assets and liabilities of the Rural Development Board to the Government.—

(1) On the date of coming into force of this section Kerala State Rural Development Board constituted under the Kerala State Rural Development Board Act, 1971 (15 of 1971) (hereinafter referred to as the Board) shall stand dissolved and all its assets and liabilities shall stand transferred to and vested in the Government. (2) The assets of the Board shall be deemed to include all rights and powers and all property, whether movable or immovable, belonging to or vested in the Board including in particular cash balance reserve funds, provident fund, superannuation fund, investments, deposits and all other interests and rights in or arising out of such property as may be in the possession of the Board and all books of account or documents kept or maintained by the Board and the liabilities of the Board shall be deemed to include all debts, liabilities and obligations of whatever kind then existing and pertaining to the Board.