Transfer of assets and liabilities to Board

(1) As from the appointed day, in relation to any port,— (a) all property, assets and funds and all rights to levy rates vested in the Government for the purposes of the port immediately before such day, shall vest in the Board ; (b) all debts, obligations and liabilities incurred, all contracts entered into, and all matters and things engaged to be done by, with or for the Government immediately before such day, for or in connection with the purposes of the port, shall be deemed to have been incurred, entered into and engaged, to be done by, with, or for the Board ; (c) all non-recurring expenditure incurred by the Government for or in connection with the purposes of the port upto such day and declared to be capital expenditure by the Government shall be treated as the capital provided by the Government to the Board ; (d) all rates, fees, rents and other sums of money due to the Government in relation to the port immediately before such day, shall be deemed to be due to the Board ; (e) all suits and other legal proceedings instituted by or against the Government immediately before such day for any matter in relation to the port, may be continued by or against the Board. In section 19 of the principal Act, the figure "(1)" shall be omitted.