Vesting of property

On the commencement of this Act, all the properties, movable and immovable, which immediately before such commencement were vested in the Corporation constituted under the Sir Chinubhai Madhavlal Ranchhodlal Baronetcy Act, 1924 (VIII of 1924), shall stand transferred to, and vest in, Sir Chinubhai Madhavlal, the present Baronet, absolutely, subject to the conditions, if any, specified in the Schedule to this Act, and he shall be liable for all the obligations and liabilities of the said Corporation.