Transfer of assets, liabilities, etc., of the existing IEPF to the Authority

any reference to the existing IEPF in any law other than these rules or in any contract or other instrument shall be deemed as a reference to the Authority;

all properties and assets, movable and immovable, of, or belonging to, the existing IEPF, shall vest in the Authority;

all rights and liabilities of the existing IEPF shall be transferred to, and be the rights and liabilities of the Authority;

without prejudice to the provisions of clause (c), all debts, obligations and liabilities incurred, all contracts entered into and all matters and things engaged to be done by, with or for the existing IEPF immediately before that date, for or in connection with the purpose of the said existing IEPF shall be deemed to have been incurred. entered into, or engaged to be done by, with or for, the Authority;

all sums of money due to the existing IEPF immediately before that date shall be deemed to be due to the Authority; and

all suits and other legal proceedings instituted or which could have been instituted by or against the existing IEPF, immediately before that date may be continued or may be instituted by or against the Authority.