(1) All assets and properties vesting in, all debts, liabilities and obligations incurred by and all contracts made by, or on behalf of the municipality including area comprising rural area or a part thereof, if any, declared and constituted to be a Corporation under sections 3 and 4 of this Act, be deemed to have been vested in, to have been incurred and made by the Corporation and shall continue in operation accordingly.
(2) All proceedings pending before any authority of the said municipality including area comprising rural or a part thereof, if any, on the day the Corporation was constituted under the provisions of this Act, are required to be instituted before or undertaken by the Commissioner, shall be transferred to and continued by such authority before or by whom they have to be instituted or undertaken under the provisions of this Act.
(3) All appeals pending before any authority of the said municipality including area comprising rural area or a part thereof, if any, on the day the Corporation was constituted, shall in so far as may be practicable, be disposed of as if the same were pending before the said authority after the declaration and constitution of the Corporation.
(4) All prosecutions instituted by or on behalf of the said municipality including area comprising rural area or a part thereof, if any, and all suits and legal proceedings instituted by or against the said municipality including area comprising rural area or a part thereof, if any, pending on the day the Corporation was constituted, shall be deemed to have been instituted by or against the Commissioner.