Expenditure etc. till the Board is established

(1) All debts or expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Cottage Industries Board established by the Government in the Industries Department Resolution No. 4686-I., dated the 18th August, 1953, before the date of constitution of the Board under this Act, shall be deemed to have been incurred, entered into, or engaged to be done by, with or for the Board so constituted and all suits and legal proceedings instituted or which may be instituted by or against the said Cottage Industries Board shall be continued or instituted by or against the said Board under this Act. (2) All the assets of the Cottage Industries Board referred to in Subsection (1) shall upon the constitution of the Board vest in the said Board for the purpose of this Act.