Section 27: Dissolution of Inland Waterways Department and transfer of assets and liability

(1) The Inland Waterways Department of the Federal Ministry of Transport (in this section referred to as "the Department") is hereby dissolved.
(2) By virtue of this Act, there shall be vested in the Authority immediately at the commencement of this Act, without further assurance, all assets, funds, resources and other moveable or immovable property which immediately before the commencement of this Act were vested in the Department.
(3) As from the commencement of this Act-
(a) all rights, interests, obligations and liabilities of the Department existing immediately before the commencement of this Act under any contract or instrument or at law or in equity shall by virtue of this Act be assigned to and be vested in the Authority;
(b) in addition to the assets, rights and interests vested in the Authority under this paragraph, the assets described in the Fourth Schedule to this Act shall be vested in the Authority by virtue of this Act and without further assurance;
(c) any contract or instrument as mentioned in sub-paragraph (a) of this paragraph shall be of the same force and effect against or in favour of the Authority and shall be enforceable as fully and effectively as if, instead of the Department, the Authority had been named therein or had been a party thereto.
(4) Any proceeding or cause of action pending or existing immediately before the commencement of this Act by or against the Department in respect of any rights, interest, obligation or liability of the Department may be commenced, continued or enforced by or against the Authority as if this Act had not been made.
(5) Notwithstanding the provisions of this Act but subject to such directives as may be issued by the Authority, any person who immediately before the commencement of this Act held office in the Department shall be deemed to have been transferred to the Authority, on terms and conditions not less favourable than those obtaining immediately before the commencement of this Act; and service under the Department shall be deemed to be service under the Authority for purposes of pension.
(6) Any licence, permit or other approved issued or granted or deemed to be issued or granted by the Department shall during its duration be deemed for all purposes to be granted by the Authority under this Act.
(7) The Minister may within twelve months after the commencement of this Act, by order published in the Gazette, make additional transitional or saving provisions for the better carrying out of the objectives of this section.