(1) As from the appointed day the Mythic Society, Bangalore, a Society deemed to be registered under the Karnataka Societies Registration Act, 1960 (Karnataka Act No. 17 of 1960) shall stand dissolved and all property, movable and immovable, and all rights, powers and privileges of the Society which immediately before the appointed day belonged to or were vested in the said Society shall vest in the Board and shall be applied for the purposes for which the Board is constituted.
(2) As from the appointed day all debts and liabilities of the said Society shall stand transferred to the Board and thereafter be discharged and satisfied by the Board.
(3) Any will, deed or other document, whether made or executed before or after the commencement of this Act, which contains any bequests, gifts, or trust in favour of the said Society shall as from the appointed day, be construed as if the Board were therein named instead of the said Society.
(4) Any person who on the appointed date has in his possession or custody or under his control any property and any document relating thereto which has vested in the Board shall be liable to account for such property or document to the Board and shall deliver it up to the Chairman or to any other person authorised by him.
(5) It shall be lawful for the Chairman or such person to take all necessary steps for securing possession of all the properties and documents relating thereto which have vested in the Board.