(1) On the date of notification issued under clause (1) of section 3, all such assets, rights, powers, authorities and privileges and such property movable and immovable, real or personal, corporeal or incorporeal, present or contingent, of whatever nature, including lands, buildings, machinery, equipments, works, workshops, cash balances, capital, reserves, reserve funds, investments, tenancies, losses and book debts and all other rights and interests arising out of such property, as immediately before the issue of that notification, were in the ownership or possession of the existing check posts of any of the departments of Government of Bihar, as the State Government may, in such notification, specify, shall vest in the Authority and such vesting shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting.
(2) The notification under sub-section (1) shall be issued only after the concurrence of the concerned departments of the Government of Bihar, in case where such properties are owned or controlled by such departments.
(3) All contracts, agreements and working arrangements prevailing immediately before the date of notification issued under clause (1) of section-3, shall continue to be enforced.