Dissolution of non-statutory Board and vesting of its assets and liabilities in Board, etc.

34. On the commencement of this Act, the non-statutory Board shall stand dissolved, and –

(i) all its assets rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, book debts, investments and all other rights and interests in, or arising out of, such property as were, immediately before such commencement in the ownership, possession, power or control of such Board shall vest in and stand transferred to the Board;

(ii) all borrowings, liabilities and obligations of whatever kind subsisting in relation to the non-statutory Board immediately before the commencement of this Act, shall stand transferred to the Board;

(iii) all loans, grants and financial assistance sanctioned by the Government or by the Commission or any other authority to the non-statutory Board shall be deemed to be loans, grants and financial assistance sanctioned to the Board and shall be the liability of the Board;

(iv) all contracts, deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature in relation to the non-statutory Board subsisting on and having effect immediately before the commencement of this Act and to which the non-statutory Board is a party or which are in its favour shall be of as full force and effect against or in favour of the Board and may be enforced or acted upon as fully and effectively as if in the place of the non-statutory Board, the Board had been a party thereto or as if they had been issued in favour of the Board.