General effect of vesting oo co

(1) The power station shall be deemed to include all properties and assets, rights, leaseholds, powers, authorities and privileges and all property movable and immovable including lands, buildings, offices, stores, plants, machinery and equipments, installations, instruments, office furniture, stationery and office equipments, vehicles, staff quarters, workers' colonies together with amenities and installations pertaining thereto, and other rights and interests in, or arising out of, such properties and assets as were immediately before the appointed day in the ownership, possession, power and control of the Board in relation to the Power Station whether within or outside the State of Orissa and all books of accounts, registers and other documents of whatsoever nature relating thereto, but not to include cash in hand, cash at bank, investments, book debts other than outstanding advances for procurement of materials and equipments for the Power Station) or rights, liabilities and obligations respecting any other contract or Memorandum of understanding or agreement, entered into by the Board or the State Government. (2) If on the appointed day, any suit, appeal or other proceeding of, whatsoever nature in relation to any property or asset which has vested in the State Government under section 3, instituted or preferred by or against the Board in relation to the Power Station, is pending, the same shall not abate, be discontinued or be, in any way, prejudicially affected by reason of the transfer of the Power Station or of anything contained in this Act but the suit, appeal or other proceeding may be continued, prosecuted or enforced by or against the State Government or, where the Power Station vests in the Corporation, under section 5, by or against the Corporation, subject to the provisions of section 6.