Section 9: Transfer of assets and liabilities of Board.

(1) Upon the appointed day all the assets and liabilities of the Board, wherever situate, other than the assets referred to in subsection (2) of this section, shall be transferred to and shall vest in the Company by virtue of this section and without further assurance.
(2) Any records or other assets maintained or acquired by the Board for purposes which shall hereafter be the responsibility of the Minister under the provisions of this Act, shall be transferred to and vest in the Federal Government by virtue of this section and without further assurance.
(3) All deeds, bonds, instruments and contracts subsisting immediately before the appointed day to which the Board is a party, shall be as of full force and effect against or in favour of the Company, and enforceable as fully and effectually as if, instead of the Board, the Company had been party thereto.