Transfer of assets and liabilities of the dissolved company to the Institute

(1)

On the

commencement of this Act, there shall be transferred to and vested in the Institute all the assets and

liabilities of the dissolved company.

(2)

The assets of the dissolved company shall be deemed to include all rights and powers, and all

property, whether movable or immovable of the company, including, in particular, cash balances, reserve

funds, investments, deposits and all other interests and rights in or arising out of such property as may be

in the possession of the dissolved company and all books of accounts or documents of the dissolved

company; and the liabilities shall be deemed to include all debts, liabilities and obligations of whatever

kind then existing of that company.

(3)

All contracts, debts, bonds, agreements and other instruments of whatever nature to which the

dissolved company is a party, subsisting or having effect immediately before the commencement of this

Act, shall be of as full force and effect against or in favour of the Institute, as the case may be, and may be

enforced as fully and effectively as if instead of the dissolved company, the Institute had been a party

thereto.

(4)

If, on the commencement of this Act, any suit, appeal or other legal proceeding of whatever nature

by or against the dissolved company is pending, the same shall not abate, be discontinued or be in any

way prejudicially affected by reason of the transfer to the Institute of the assets and liabilities of the

dissolved company or of anything contained in this Act, but the suit, appeal or other proceeding may be

continued, prosecuted and enforced by or against the Institute, in the same manner and to the same extent

as it would or may be continued, prosecuted and enforced by or against the dissolved company if this Act

had not been passed.