(1) The Government may transfer any of the existing housing schemes either completed or being undertaken by it to the Housing Board. The value of the assets thus transferred will be treated as a loan to the Housing Board from the Government on such terms and conditions as may be laid down in that behalf.
(2) All debts raised and expenditure incurred, all contracts entered into and all matters and things engaged to be done by, with or for the Government for the purposes of the housing scheme transferred to the Housing Board shall be deemed to have been incurred, entered into or engaged to be done by, with or for the Board ; and also suits and other legal proceedings instituted or which may be instituted by or against the Government shall be contained or, as the case may be instituted by or against the Board.
(3) All the assets in respect of the housing scheme referred to in sub-section (1) and all assets acquired by the expenditure referred to in sub-section (2) upon the declaration made by the Government under that sub-section shall vest in the Board for the purposes of this Act.