Abolition of the Punjab Housing Development Board and transfer of its assets and liabilities

(1) On and with effect from the date of establishment of the Authority under section 17 of this Act, the Punjab Housing Development Board established under the Punjab Housing Development Board Act, 1972 (Punjab Act 6 of 1973) shall stand abolished. (2) On and with effect from the date of abolition the Punjab Housing Development Board under sub-section (1), - (a) the members including the Chairman of the Punjab Housing Development Board shall cease to hold office; (b) all properties, funds and dues which are vested in or realisable by the Punjab Housing Development Board shall vest in and be realisable by the Authority; (c) all liabilities which are enforceable against the Punjab Housing Development Board shall be enforceable against the Authority; (3) Nothing in this section shall affect the liabilities of the State Government in respect of loans or debentures guaranteed under sub-section (5) of section 67 of the Punjab Housing Development Board Act, 1972 (Punjab Act 6 of 1973).