Transfer of Provident, superannuation and other like funds to the Board.

(1) Where an Improvement Trust has established a provident fund or superannuation fund or any other like fund for the benefit of its employees and constituted a trust in respect thereof, hereinafter referred to as the "existing trust", the moneys standing to the credit of any such fund on the appointed day, together with any such other assets belonging to such fund, shall stand transferred to and vested in the Board free from any such trust and the Board shall, as soon as may be, constitute in respect of the moneys and other assets which are so transferred to and vested in it, one or more trusts having objects as similar to the objects of the existing trusts as may be practicable.

(2) Where all the moneys and other assets belonging to the existing trust are transferred to and vested in the Board under sub-section (1), the trustees of such trust, as from the date of such transfer, be discharged from the trust, except as regards things done or omitted to be done before such transfer.