The value determined under this section shall entered in the books of the Board as the value on the date of transfer.

Continuance of existing provisions, contracts, obligations, legal proceedings, etc Continuance of existing provisions, contracts, obligations, legal proceedings, etc. – With effect from the notified date a. any notification, order, scheme, rule, by-law, form or notice made or issued, and any licence or permission granted by any existing authority in so far as it relates to water supply or sewerage service in or for the purpose of the Chennai Metropolitan Area, shall continue in force and be deemed to have been made, issued or granted under the provisions of this Act, unless and until it is superceded by any notification, scheme, order, regulation, form or notice made or issued or any licence or permission granted under this Act b. all obligations and liabilities incurred, all contracts entered into, all matters and things engaged to be done by, with, or for the existing authority, before the notified date in connection with the water supply or sewerage service in or for the purpose of the Chennai Metropolitan Area, shall be deemed to have been incurred, entered into or engaged to be done by, with, or for the Board. c. all suits, prosecutions, appeals or other legal proceedings of whatever nature instituted or which might have been instituted by or against an existing authority, in so far as they relate to the assets and liabilities transferred to the Board under section 26, may be continued or instituted by or against the Board: provided that nothing contained in this clause shall apply to any such suit, prosecution, appeal or other legal proceeding in respect of the levy collection or payment of any rate, charge, cess or fee for any period prior to the notified date applicable to the existing authority concerned.