Section 14: Transfer of assets and liabilities.

Upon the commencement of this Act-(a) all assets held by or on behalf of the Institute of Certified Secretaries and Reporters shall, by virtue of this Act, vest in the Institute and all liabilities incurred before the commencement of this Act by the former Institute shall automatically be transferred to the Institute ; and
(b) any act or thing done by the former Institute shall be deemed to have been done by the Institute.